Investment Times Newspaper 2023 Edition | Issue 27

Allen Quaye takes up Head, Retail Banking role at FBNBank

Ministry of Finance says no decision yet on road tolls

The Ministry of Finance has called for circumspection on public discussion on its proposal for a more than 88 per cent increase in road tolls.

The ministry said the amounts quoted in its leaked letter to the Ministry of Roads and Highways “are only proposals to be subjected to consultations and approvals at appropriate levels.”

It said in a release yesterday that similar consultations would be held with other

stakeholders before a concrete decision would be arrived at.

The ministry explained that the letter only sought to convey proposed rates for the tolling of roads and highways to Ministry of Roads and Highway.

It stressed that the reintroduction of road toll was a scal policy measure captured in the 2023 Budget Statement and Economic Policy to support revenue

generation It, therefore, called on the media to be circumspect in discussing the issue.

The Ministry of Finance, in a leaked letter, earlier this week proposed that road tolls be raised by an average of 88 per cent as part of e orts towards ensuring a return of the levies that were abolished in November 2022.

As part of the proposal, the ministry want motorbikes to

be levied 50pesewas compared to an earlier amount of 10pesewas. It also wants tolls of salon cars to rise from 50pesewas to GH¢1 while that of Pick-ups and 4X4 vehicles will increase to GH¢1 to GH¢1.50.

Heavy buses are also to be levied GH¢2, up from the previous gure of GH¢1.50, while heavy duty trucks with ve or more axles will be asked to pay GH¢3 compared to an earlier fee of GH¢2.

tion of 92.5%, whilst Cocoa Drinks recoded no in ation.

Whilst Food In ation went down by 0.437% to 59.1%, Non-food In ation remained was 47.9%.

The month-on-month in ation between January 2023 and February 2023 was 1.9%.

Also, in ation for locally produced items was 49.0%, in ation for imported items was 62.3%.

Addressing Journalists on the new rate, Government Statistician, Professor Samuel Kobina Annim hinted that the reduction is a conrmation of a sustained downward trend in the rate of in ation so far

Participants at a lecture on new ideas for engagement with the African diaspora, have called for the institution of a truth and reconciliation

process to help settle and assuage the scourge of slavery and to hasten the integration of African -Americans and Afro- Caribbeans back to the African continent.

the Institute of International A airs, Ghana (GhIIA.org) under the theme ‘New ideas for engagement and integration: Africa and its forced Diaspora’ at Mmofra Place head-

lined the eminent Professor Esi Sutherland-Addy, a noted academic and public servant as the keynote speaker. The event was moderated by Dr. Kwabena Opoku Agyemang of the Institute of African Studies

at the University of Ghana, Legon.

The event was highly patronized with an audience consisting members of the Institute, retired and serving diplomats, members of the diplomatic community and

sion to submit its audited

holders across the country.

The event was organized by Ghana Link Network Services has begun its annual intensive refresher training programme on the Integrated Customs Management System (ICUMS) for various stake-

The ICUMS platform has revolutionised customs processes in Ghana by integrating all stakeholders involved in the customs clearance process,

The Agricultural Development Bank (ADB) PLC has launched a new corporate strategy with a commitment to strengthen agribusiness nancing.

The move is to help accelerate the achievement of the bank’s vision "to be the people’s bank, harnessing the transformational power of agribusiness for wealth creation."

The new corporate strategy, which was considered and approved by the Board of Directors of the Bank, replaces a 3-year strategy that expired on

ADB launches new strategy to strengthen agribusiness financing

We need more partnerships that promote diaspora engagements –

Prof. Esi Sutherland-Addy

She explained that more deliberate and consistent policies and actions have to be taken to ensure a smoother ability for returnees to integrate and commended the government for conferring citizenship on African Americans, including the recent conferment of citizenship on Viola Fletcher and Hughes Van Ellis, two of the oldest survivors of the Tulsa race riots. Comments from the audience were supportive of the initiative.

Nana Akosua Serwah Oyo, Director of Admissions at the Academic City noted that in her 20-year of stay in Ghana, this was the rst time she had ever witness an open dialogue event about a conversation that delved into the deep issues around ‘the return’. She agreed with the need for a general reeducation and re-awakening, noting that Ghanaians and other Africans sometimes used derogatory nicknames for African

Americans, mocking their slavery in the plantations. An eminent Ghanaian, Charles Zwennes who is of Afro - Caribbean and Ghanaian in his commentary also reiterated his admiration for the event. He expressed a view in support of a truth and reconciliation process to assuage and settle the feeling of abandonment felt by the forced diaspora. He argued fervently that the view and context of forts and castles be reconsidered and that these structures be called for what they were - warehouses for slavery. BUGUMS are the reside chat event at the Institute of International A airs, Ghana. It is a platform that provides key players in Ghana’s International A airs landscape opportunities to share recollections and lessons from their career and experience. This particular BUGUM was to commemorate Black History Month.

the African-American and Afro-Caribbean Community

Professor Sutherland-Addy in her presentation noted that though Ghana had done well to champion integration and the ‘return’ of the diaspora, more had to be done for Africa’s forced diaspora to come back to the country. Predicating her presentation on her personal experience, she noted that the draw of Ghana for African-Americans and Afro-Caribbean was strong in the pre-war and colonial era. She noted that her father, Bill Sutherland, moved to the then Gold Coast with fellow African Americans like the Dr. Lee, as part of a desire to re-integrate and to promote Pan-Africanism,

which led to being part of the e ort in convincing Martin Luther King to attend Ghana’s independence celebrations.

She further indicated that, Ghana had done well with initiatives like PANAFEST and the YEAR of RETURN, but more had to be done to achieve a deeper level of engagement with the forced African Diaspora. In response to a question from Dr. Opoku-Agyemang, she agreed with the latter’s assertion concerning the weakness of the current educational syllabus in teaching Ghanaian students about slavery.

Professor Sutherland-Addy was gravely worried that if the battles on stories around the tragedy of slavery are not

won, the narrative on slavery will be morphed into a warped recollection and will lead to a severance of ties with the Afro -American and Caribbean communities. She drew parallels with the Holocaust, which had revisionists trying to warp the story of that tragedy, but because of the concerted e ort of the Jewish community, this was being mitigated and pushed back. She urged a similar e ort as regards to the question of the transatlantic slave trade. Both Professor Sutherland-Addy and Dr. Opoku-Agyemang agreed that this has led to the pernicious rise of the sentiment amongst African Americans that somehow slavery was positive or that Africans back home actively and joyously participated in the trade.

Inflation slows to 52 percent

this year.

Prof. Annim, however, explained that even though food was the fth item that recorded in ation rate higher than the national average, its weight of 43.7% meant it contributed more to the national rate. This translated into a 48.1% in February 2023.

Greater Accra records highest in ation

ADB launches new strategy to strengthen agribusiness financing

December 31, 2022.

It is anchored on a theme, “Going Above and Beyond the Predictable,” and has nine pillars to guide the direction of the Bank for the next few years. The new corporate strategy is aimed at enhancing the bank’s dominance as the leader in agribusiness nancing in the country and, at the same time, leveraging technology to reposition its Retail and Digital Banking space.

Other key focus areas include

nancial performance, process improvement to enhance turnaround time, risk management, and customer experience.

Speaking at the launch, the Managing Director of ADB, Alhaji Alhassan Yakubu-Tali reiterated the bank’s commitment to agribusiness nancing, saying “as the people’s bank, harnessing the transformational power of agribusiness for wealth creation, ADB is taking necessary steps to strengthen its dominance as a

leader in agribusiness nancing in Ghana.”

“ADB will continue to remain leader and dominant in agribusiness nancing across the entire agricultural value chain,” he added In the area of digital and retail banking, Alhaji Yakubu-Tali announced that "ADB has rolled out strategies towards improving its digital and retail banking segments in order to enhance convenience and service delivery."

"The bank will also leverage

strongly on technology and other channels to extend banking services to non-banked or underserved areas," he added.

The MD stated that the current happenings at the world stage, ranging from COVID-19, the Russia-Ukraine war, the slowdown in the global economy, high in ationary pressures, exchange rate challenges, and the domestic debt exchange programme by the government, among others, require strategic decisions to make the Bank competitive and meet its performance indicators.

The Greater Accra region recorded the highest in ation of 60.1%, whereas the Volta region recorded the lowest rate of in ation of 35.4%.

The Ashanti region recorded an in ation of 43.3% and Western region recorded an in ation of 49.2%.

Thus, the new corporate strategy will serve as a blueprint to ensure that the Bank grows above and beyond the predictable.

Alhaji Alhassan Yakubu-Tali commended the bank’s customers for their loyalty and continuous trust in the ADB brand, its products and services.

The Agricultural Development Bank PLC recently rolled out the instant issuance of GH-Link Card and also upgraded its internet banking service platform to promote remote banking as part of the transformational agenda. The bank has also put in place measures to ensure regular review of its products and services to continuously meet the banking needs of both existing and potential customers.

Ghana Link aims to boost economic growth with

from shippers, MDA’s (Ministries, Departments and Agencies) and freight forwarders to customs ocials and other regulatory bodies.

Raymond Amaglo, the Director of Operations for Ghana Link Network Services, told the media that, "The ICUMS is a game-changer in the way we do business at the ports. It has signi cantly reduced the time and cost of doing business while also ensuring the integrity and security of goods and our borders."

This year’s training also has covered the new additions to the ICUMS system on a range of topics, including the use of the ICUMS platform, customs procedures, and regulations, as well as best practices for customs clearance processes.

The training sessions which is still ongoing is being delivered by experienced trainers and industry experts from Ghana Link and technical partners, who shared their knowledge and experience with the participants.

The rst phase of the refresher

training programme, in collaboration with the Ghana Revenue Authority (GRA), started with various Ministries, Departments, and Agencies on ICUMS from the 23rd to the 31st of January 2023. It continued with training for the Trade Department of all Commercial Banks in Ghana on the 26th of January 2023.

The training continued in Tema with the Association of Customs House Agents, Ghana (ACHAG) on the 13th and 14th of February, followed by the

Customs Brokers Association of Ghana (CUBAG) on the 15th and 16th of February, the Freight Forwarders Association of Ghana (FFAG) was done on the 17th of February, the Ghana Institute of Freight Forwarders (GIFF) from the 20th to the 22nd of February, the Importers & Exporters Association of Ghana (IEAG) also in Tema on the 24th of February, Self-Declarants in Accra on the 27th of February, Self-Declarants in Tema on the 28th of

February, and Direct Applicants (Embassies & Foreign Missions) on the 2nd of March.

"We are committed to working with all stakeholders to ensure the successful implementation of the ICUMS," Mr. Amaglo said and went on to state that Ghana Link the operators of the ICUMS believes the system will play a crucial role in improving the competitiveness of our ports and in boosting economic growth and development in Ghana.

He further explained that the success of the ICUMS platform is closely tied to the level of knowledge and skills that stakeholders possess, which is why the company invested so much in organizing these training programmes to ensure that everyone involved in the customs clearance process is up to date with the latest trends and technologies.

"We are delighted with the positive feedback we have received from the stakeholders who attended these training pro-

grammes. It is clear that they have found the programmes to be very bene cial and have gained a lot of valuable insights into how to use the ICUMS system more e ectively," Mr. Amaglo said.

The roll-out of these nationwide refresher training programmes is a testament to the commitment of Ghana Link Network Services and the Ghana Revenue Authority to ensure that the ICUMS platform continues to deliver value to stakeholders across the customs clearance process.

is on April 30, 2023.

A release published by the GSE said; “Letshego has indicated that the company is yet to complete and sign o the audit process with its auditors.

This is mainly because of the implications for the assessment of the Expected Credit Losses and its impact on the 2022 nancial statements due to the company’s participation in the Domestic Debt Exchange Programme launched by the government.”

The release explained that “it is against this background that the date for ling of the 2022 Audited Financial Statements is extended by one month to April 30, 2023.”

Company pro le Letshego Ghana Savings and Loans Plc is a public limited company, incorporated and domiciled in Ghana. The company is licensed as a non-bank nancial institution under the Banks and Specialized Deposit-Taking Institutions.

The company’s corporate bonds are listed on the Ghana Stock Fixed Income Market of the Ghana Stock Exchange. is on April 30, 2023.

One of the objectives Ghana Month or Heritage Month is to encourage the patronage of made in Ghana goods and also the wearing of Ghanaian dresses. Moving around town in this Heritage Month, I’m sad to say I don’t see many people wearing African Clothing. Many people attribute the high cost of these locally made fabrics and the high cost of sewing as a deterrent. Nevertheless, we must try our best and hopefully we shall succeed.

Media as always done well to promote the campaign leading by example. For some, this has been an opportunity to travel around the country promoting our culture and tourism potentials. In this month, we also need to remember some of Ghana’s great men and women whose contributions have led to some attractions being named after them. We can begin with our rst President Dr. Nkrumah. However, today the focus is on Tetthe Quarshie. Cocoa production has been the backbone of our economy since the 1870s. It dominates the agricultural sector and contributes about 30% of the country’s export earnings. Cocoa employs a high number of farmers directly. It also supports the livelihoods of others in the commerce, service and

industrial sectors of the Ghanaian economy. This makes it an important generator of revenue. Without cocoa our economy would su er. We shall forever be grateful to one man who rst brought cocoa to Ghana. It is reported that he travelled from Ghana to Fernando Po current day Equatorial Guinea where he lived for 50 years before returning home with some cocoa beans.

Tetteh Quarshie was born in 1842 to a farmer from Teshie known as Mlekuboi. His mother was known as Ashong-Fio from Labadi, both hailing from the Ga-Dangme ethnic group. Tetteh Quarshie served as an apprentice in a Blacksmith's shop at Akropong belonging to the Basel Missionaries. Due to his hard work he soon became a master blacksmith. Tetteh Quarshie was in fact the rst blacksmith to be established at Akwapim-Mampong. His hobby was farming. There are di erent stories told about how he brought in the cocoa beans. What matters is that today the cocoa beans are here and helping the Ghanaian economy. In 1879 Tetteh Quarshie planted the seeds at Mampong with some success. Friends and relatives also undertook the planting of cocoa when pods were distributed to

them. Soon other farmers followed suit. It was at this point that the Basel Missionaries stepped into the picture by importing large quantities of the crop into the country. From the Gold Coast (Ghana) cocoa beans or cuttings were sent to other countries like Nigeria and Sierra Leone. The export of cocoa from Ghana began in 1891, the o cial exported in 1893 (two bags exported). Ghana once provided almost half of world output. Between 1910 and 1980 Ghana was the world's largest exporter. This position was ceded due to bush res etc. However, Ghana’s cocoa is still of the highest quality and the country earns hundreds of millions of dollars annually from the export of the beans and processed materials.

Tetteh Quarshie died in 1892. His relatives made a petition to the Gold Coast Government on February 25th, 1925 for a grant for the upkeep of some of Tetteh Quarshie's relatives. The then Ghanaian Vice-Principal of Achimota College, Dr. J.E.K. Aggrey strenuously took up the appeal. His friend, Sir Gordon Guggisberg set up the Tetteh Quarshie Memorial Scholarship at Achimota College. Other honors were bestowed on him. Another petition was made in 1927 and the Govern-

by one month to April 30, 2023.”

Company pro le Letshego Ghana Savings and Loans Plc is a public limited company, incorporated and domiciled in Ghana. The company is licensed as a non-bank

ment gave a sum of only 250 pounds, although Nana Sir Ofori Atta, speaking in the Legislative Council asked for 2,500 pounds, supported by Kojo Thompson.

As the late Ghanaian Lawyer and Anthropologist, Dr. Isaac Ephson says in his "Gallery of Gold Coast Celebrities," (p. 64)

"This took the form of a more enduring memorial, which was set up at Achimota in honour of the pioneer of Ghana's staple crop and the principal bulwark of the country's economy. The memorial is Tetteh Quarshie House. And since Independence (1957) the Government of Dr. Kwame Nkrumah after petitions from Dr. J.B. Danquah and the Eastern Region House of Chiefs, has built a rst-class hospital and ttingly named it after him at Mampong-Akwapim - Tetteh Quarshie Mmorial Hospital. There’s also the Tetteh Quarshie farm where tourist visit to see the location where the rst seedlings that was planted in Ghana. Relics and important artifacts used by him is also on display at the museum located on the farm. Another important edi ce named after him is the former Tetteh Quarshie roundabout now named Tetteh Quarshie interchange. Prior to the interchange, there were claims that the roundabout was the biggest and largest in West Africa. We must remember that we shall not be remembered by the things we acquire in this life but rather by the legacy we live behind. What will you be remembered for? What are you doing for mother Ghana? Are you only a spectator or a contributor to making our motherland better than we met? As we ponder on these words, we must always remember that we live to leave behind a legacy. Tetteh Quarshie did his part and today he name lives on even though he is dead. let’s ponder on words of the song below;

Arise Ghana youth for your country, the nation demands your de-

nancial institution under the Banks and Specialized Deposit-Taking Institutions.

The company’s corporate bonds are listed on the Ghana Stock Fixed Income Market of the

votion, lets us all unite to uphold her and make her great and strong. We are all involved, we are all involve to build our motherland. Again we owe a pledge to Ghana. Let’s re ect on the words of The National Pledge. I promise on my honour to be faithful and loyal to Ghana my Motherland.

I pledge myself to the service of Ghana, with all my strength and with all my heart.

I promise to hold in high esteem our heritage, won for us through the blood and toil of our fathers; and I pledge myself in all things to uphold and defend the good name of Ghana. So help me God.

Philip Gebu is a Tourism Lecturer/Trainer. He is the C.E.O of FoReal Destinations Ltd, a Tourism Destinations Management and Marketing Company based in Ghana and with partners in many other countries. Please contact Philip with your comments and suggestions. Write to forealdestinations@gmail.com / info@forealdestinations.com. Visit our website at www.forealdestinations.com or call or WhatsApp +233(0)244295901/0264295901.V isist our social media sites Facebook, Twitter and Instagram: FoReal Destinations

Have you yet visited Tetteh Quarshie Farm? His achievement must be an inspiration to all

Ghanaian lawmaker Samuel Okudzeto Ablakwa has asked government to annul the National Cathedral contract and dissolve the board of trustees amid economic crisis the country is facing.

Mr. Okudzeto, who is the Member of Parliament for North Tongu, believes the government's priorities are misplaced, considering the country's current economic situation, including a depreciating currency, dwindling foreign reserves and strained public nances.

Speaking to journalists at parlia-

Okudzeto wants gov’t to abrogate National Cathedral contract

By Eugene Davis

ask the contractors to go home, particularly at this time.

ment house in Accra yesterday, Mr.l Okudzeto Ablakwa, said the over US$1billion project would not materialise hence the need for the government to abrogate the project and dissolve the board of trustees.

“On the occasion of the rst anniversary, since the project was abandoned, we are saying that it is time for President Akufo-Addo and the Board of Trustees to cut their losses. They should abrogate this contract, close the shop and

We cannot even meet obligations that we owe our creditors, we have defaulted on our loans, and we have been declared bankrupt. We have been declared insolvent. For the rst time in our history, we cannot buy vaccines…this is where we are, our nances are in dire straits.

“The government itself admits and that is why it has made an embarrassing U-turn on the issue of road tolls. It is desperately looking for money and yet the government is refusing to abrogate this national cathedral project, which clearly has become a pipe dream, a project which clearly cannot materialize,” he said.

He also stated that the Ghanaian taxpayer could end up paying US$1billion for the construction of the edi ce that has already been embroiled in a lot of controversies and allegations of corruption.

Despite claims that the 5,000-seater cathedral project is a wasted priority, the government claim it will bring new skills, technology and jobs to the country and act as a beacon to national, regional and international tourists. It has selected celebrated architect David Adjaye to design the building.

President Akufo-Addo rst revealed plans for the cathedral after he won the 2016 election

and the architect was appointed two years later. But work on what the president has referred to as "his gratitude to God" only began in 2022, two years after his re-election.

Ghana is entering a belt-tightening phase after securing a preliminary agreement for a $3 billion bailout package from the International Monetary Fund.

The cathedral’s original price tag of $100 million has quadrupled amid an economic crisis that has seen the cedi currency plunge and in ation surge. The state has already spent more than $58 million on the project.

Newmont pays GHc 2.76 billion tax to government in 2022

AddoYobo, said, “the Ahafo oper

mines) paid a total of GHc 2.76 billion in taxes, royalties, levies, and carried interest to the Government of Ghana in 2022, through the Ghana Revenue Authority, Forestry Commission, and Ministry of Finance.

For the full year (2022), Newmont Africa paid GHc 1.53 billion as Corporate Income Tax,

million as Withholding Tax, GHc 222.1 million as Carried Interest, and GHc 35.5 million as Forestry Levy. In the last quarter of the year (September to December of 2022), Newmont Africa’s pay ment to government amount ed to GHc 1.04 billion, across the two operations. Breaking it down by opera

Allen Quaye takes up Head, Retail Banking role at FBNBank

FBNBank Ghana Limited, a subsidiary of First Bank of Nigeria Limited, has announced the appointment of Mr. Allen Quaye as the Bank’s Head of Retail Banking following approval from the regulator, Bank of Ghana.

Allen Quaye is an experienced marketing professional with about two and half decades working experience. His extensive experience covers roles at Unilever Ghana, Standard Chartered Bank, Fidelity Bank, Millicom Ghana Limited, Bank of Africa and GN Bank. Prior to assuming the role at GN Bank as the General Manager (GM), Marketing, Sales and Customer Service, Allen was the GM, Banking Operations of the same bank, a responsibility which covered all banking operations and branch network management aimed at driving business development.

In his new role at FBNBank,

Allen will be responsible for driving the Bank’s retail agenda and delivering its propositions to its key segments which include a strong focus on the youth. It also includes continuously driving the digital channels and agent banking aimed at o ering convenience, security and excellent service to the Bank’s customers and clients.

Commenting on Allen Quaye’s appointment, FBNBank’s Managing Director and Chief Executive O cer, Victor Yaw Asante said, “we are delighted to have Allen join our team at FBNBank Ghana. Allen has a wealth of experience in sales and retail banking and we believe strongly that he is a right- t for us. Our agenda is to continue to o er a retail banking proposition founded on our Gold Standard of Value and Excellence, which places the customer at the heart of whatever we do. We have no doubt that Allen can build on

the momentum we have generated and move on to deliver greater traction towards the attainment of our goals."

Speaking about his new role, Allen Quaye said, “I am excited at the challenge this role o ers and the opportunity to deliver on the Bank’s agenda for retail banking. FBNBank has a great team full of players who are very passionate about what they do and I am delighted to become a member of the team. As the Bank looks set to move on up after 26 years of operations in Ghana, I cannot nd a better time than now to be a part of this developing success story which will continue to touch many lives in Ghana.”

Allen Quaye graduated from the University of Ghana with a degree in Economics. He holds Post Graduate diploma in Business Administration from Leicester University, and Marketing from CIMA Ghana and a Master’s degree in Marketing, from the University of Ghana Business School.

Emirates ramps up operations across continents

Ghanaian lawmaker Samuel Okudzeto Ablakwa has asked government to annul the National Cathedral contract and dissolve the board of trustees amid economic crisis the country is facing.

Mr. Okudzeto, who is the Member of Parliament for North Tongu, believes the government's priorities are misplaced, considering the country's current economic situation, including a depreciating currency, dwindling foreign reserves and strained public nances.

Speaking to journalists at parliament house in Accra yesterday, Mr.l Okudzeto Ablakwa, said the over US$1billion project would

not materialise hence the need for the government to abrogate the project and dissolve the board of trustees.

“On the occasion of the rst anniversary, since the project was abandoned, we are saying that it is time for President Akufo-Addo and the Board of Trustees to cut their losses. They should abrogate this contract, close the shop and ask the contractors to go home, particularly at this time.

We cannot even meet obligations that we owe our creditors, we have defaulted on our loans, and we have been de-

clared bankrupt. We have been declared insolvent. For the rst time in our history, we cannot buy vaccines…this is where we are, our nances are in dire straits.

“The government itself admits and that is why it has made an embarrassing U-turn on the issue of road tolls. It is desperately looking for money and yet the government is refusing to abrogate this national cathedral project, which clearly has become a pipe dream, a project which clearly cannot materialize,” he said.

He also stated that the Ghanaian taxpayer could end up paying US$1billion for the construction

of the edi ce that has already been embroiled in a lot of controversies and allegations of corruption.

Despite claims that the 5,000-seater cathedral project is a wasted priority, the government claim it will bring new skills, technology and jobs to the country and act as a beacon to national, regional and international tourists. It has selected celebrated architect David Adjaye to design the building.

President Akufo-Addo rst revealed plans for the cathedral after he won the 2016 election and the architect was appoint-

ed two years later. But work on what the president has referred to as "his gratitude to God" only began in 2022, two years after his re-election.

Ghana is entering a belt-tightening phase after securing a preliminary agreement for a $3 billion bailout package from the International Monetary Fund.

The cathedral’s original price tag of $100 million has quadrupled amid an economic crisis that has seen the cedi currency plunge and in ation surge. The state has already spent more than $58 million on the project.

Ghana Foundation helps restore young girl with rare disease

Vodafone

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Saudi st ate - owned oil

Gu l f S t ate s I n stitu te in Wa shin gc u l t for A ra mc o not to per form s t ro n g ly in 2 02 2

su l ts we re “underpinned by s t ro n ge r c rude oi l p r i c e s, hi g h e r vo lum e s so l d a nd i m -

p ro du c ts”

A ra mc o’s p re sid e nt and CEO

n e in Fe br u a r y 2 02 2 A m e r i c a’s Ex xo n Mobil m ad e $ 55 7bn, and B r i t a i n’s Shel l rep o r te d $3 9 9bn

ramco a lso decla re d a d iv id en d o f $ 1 9.5 billio n fo r the O c -

b e r to De c ember qu a r ter of

r ter o f th i s ye a r

A m in Nasser said: “G iven th at we anti c ip ate oil and g a s wi l l re m ain e ssentia l for th e fo re se eab l e futu re, the r i sks o f unde ri nve s t m e n t in our indus t r y a re re a l – in cl uding c on t r ibuting to hi g h e r ener g y p r i c e s ”

To add re ss those cha ll en ge s, he said, the c o mpa ny would n o t

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giant Aramco

sho c king for a c o mp a ny to $ 161bn in a sing l e ye a r th rough th e sa l e o f fo ssi l fue l – the sin gl e l ar ge st d r iver o f the cl im ate c r i s i s” She added : I t i s a ll the m o re sho c king be c ause th i s surp l us wa s a m assed du r in g a g lo ba l c ost - o f- l iving c r i s i s and aid e d by

the in c re ase in en e rgy p r i c e s re su l ting f rom Russi a’s war o f a g g re ssi o n a gainst Uk ra in e ” S audi A ra bia i s th e l ar ge st p ro du c er in the oi l c a r te l Op e c (Organi z ation o f the Pet ro le u m Expo r ting C ou ntr i e s)

B ut th e Gu l f kin gdo m has be e n c o nd e mn e d fo r a ran ge

o f huma n r ights abus e s : its i nvo lve m ent i n the Ye m e n, th e mu rd e r in 2 0 1 8 of j ourna l i st Ja m a l Kh a sh o g g i, for j ai l ing d i ssidents, a nd for wid esp re ad us e o f c api t a l pun i sh m en t

Samsung’s new 5G Galaxy A Series deliver outstanding mobile technology for all

Samsung Electronics has unveiled the Galaxy A54 5G and Galaxy A34 5G, two innovative smartphones that advance Samsung Galaxy’s commitment to designing awesome These new additions to the popular Galaxy A series will help users shoot steady and crisp videos, see clearly even in bright conditions, and do more of the things they love with battery life that lasts more “Cutting-edge mobile experiences are increasingly essential to everyday life,” said TM Roh, President and Head of Mobile eXperience Business at Samsung Electronics. “With continuous enhancements to the Galaxy A series, we’re ensuring that more people around the world can access our transformative innovaTake Awesome Day and Night Photographs, Enhanced with The Galaxy A54 5G and Galaxy A34 5G deliver stunning images with clear quality even in bright conditions, making use of Samsung Galaxy’s lead-

ing Nightography and AI capabilities. Whether users want to capture the perfect sel e or connect through super-smooth video calls, the Galaxy A54 o ers astonishing detail thanks to its 32MP front camera. The new smartphones produce video with amazing clarity, combatting shakiness and blur with improved optical image stabilisation (OIS) and video digital image stabilisation (VDIS). Even with unsteady hands or when lming on the go, users can be con dent about capturing awesome content. For adventures after dark and in low light conditions, Night mode helps users to capture more detail by broadening the camera’s pixel size.

Experience Awesome Performance with Vivid Display and Long-Lasting Battery

Both devices feature immersive Super AMOLED displays, measuring 6.4-inch on the Galaxy A54 5G and 6.6-inch on the Galaxy A34 5G. Both displays have been upgraded for astounding outdoor visibility, even under bright sunlight. With the enhanced Vision Booster and a 120Hz refresh rate, the displays will keep up with

users as they move between different lighting conditions.

Stay Connected Without Compromising Security

Enhanced mobile experiences rely on advanced security. With Samsung Knox, data is kept under lock and key with defence-grade mobile security. The Galaxy A54 5G and Galaxy A34 5G give users access to the Security and Privacy Dashboard, which makes it easy to see how apps are tracking data and enables simple ways to stop unwanted data collection.

The Galaxy A54 5G and Galaxy A34 5G are also compatible with the Samsung Galaxy ecosystem to provide seamless connectivity between devices.

Availability

The Galaxy A54 5G will be available in Three colour options, including Awesome Lime, Awesome Graphite and Awesome White. The Galaxy A34 5G will be available in Three colour options, including Awesome Lime, Awesome Graphite and Awesome Silver. Both Galaxy A54 5G and Galaxy A34 5G will be available in Ghana from 20th March.

Visit of the Spanish Warship ‘Audaz’ and of the Commander of the Operations Command to Ghana

By Chris Koney

tary activities of the Spanish forces and to establish an agenda of high-level meetings.

The O shore Patrol Vessel ESPS ‘Audaz’ called at the port of Tema on March 6, where it carried out military activities with the Ghanaian Armed Forces for six days. In addition, the warship participated in the ‘Flintlock-23’ exercise, supporting a Force of Special Operations located in land. The main goals of the visit

were to strengthen cooperation ties between Ghana and Spain and to promote maritime security in the Gulf of Guinea.

Taking advantage of these events, Lieutenant General Francisco Braco Carbó, Commander of the Operations Command, travelled to Ghana in order to oversee the mili-

Port visit in Tema Audaz, constructed by Navantia, is one of the four OPVs (Oshore Patrol Vessels) built for the Spanish Navy under the extension of “1st series navy ships”. It was delivered in July 2018, and it has its docking base in Cartagena, Spain. The current sta of ESPS. ‘Audaz’ is made up of 77 people, among them were an Operational Security Team of Marines and a reinforcement of soldiers and seamen for speci c capacities. It is commanded by the Captain of Corvette Marcos de Sousa Fuchs.

After having covered more than 8.000 nautical miles since it left Spain last January, the ESPS ‘Audaz’ set course towards Tema (Ghana). Previously, it had participated in the ‘Obangame Express 23’ exercise and it had visited the ports

of Lagos (Nigeria), Pointe Noire (Republic of the Congo) and Luanda (Angola). Audaz’s operations in Ghana fall within the scope of “Foco África 2023” and “Plan Africa”, two strategies of the Spanish Government, which consider Ghana a priority of Spain’s foreign policy.

The military cooperation activities carried out with the Ghanaian Armed Forces aimed at improving Ghana’s capacities in ghting terrorism, piracy and other maritime related crimes.

The cutting edge equipment of the vessel, together with the high level skills of the Spanish soldiers, were shared with the Ghanaian authorities, who learned about the use of unmanned vehicles such as drones, medical services or various defence mechanisms.

Exercise

Audaz also participated in the annual ‘FLINTLOCK’ exercise, organized and directed by the US Special Operations Command for Africa (SOCAFRICA). The exercise is designed to enhance the capabilities of Sahel countries to combat terrorist or extremist organizations, illicit tra cking and the ow of foreign ghters. It aims at increasing Border security, integrating the Air Forces of host nations in support of Special Operations, as well as adding “Information Operations” into these scenarios. It is the rst time that a ship participates in this exercise. Although special Operation Units from di erent countries participated in Flintlock, (1300 troops from 30 countries), the ship was the only vessel taking part in the exercise. Furthermore, Spain is participating in Flintlock with additional units from the three Armies and Civil Guard, all working under the leadership of the Commander of the Operations Command, Lieutenant General Francisco Braco (CMOPS).

sets the pace for green energy with the solarisation of 2 exchanges in Accra

Vodafone

Vodafone Ghana, a leader in Ghana's telecommunications industry, is at the front of the charge for a green energy revolution in Africa. In line with Vodafone Group, the business is taking signi cant steps to reduce impact on the planet by reducing our greenhouse gas emissions by 50% by 2025 and becoming net zero by 2040.

To set the ball rolling, the company is starting with the solarization of two telephone exchanges in Accra – Dansoman and Achimota. A telephone exchange is an important but energy-hungry part of

the communications network, responsible for connecting people by constantly processing large amounts of voice and data. 25,622.1KWh of solar power was generated to run Vodafone’s Dansoman exchange in 2022. This is equivalent to ~11,839kg of CO2 reduced from the environment. While this may seem a modest amount in comparison to the ~400 million tons of carbon dioxide released into the atmosphere yearly because of human activity worldwide, takes each individual cumulative e ect to make the substantial di erence necessary. Prior to the completion of the Achimota exchange solarisation

FLINTLOCK-23 and ESPS ‘AUDAZ’

project in 2022, Vodafone Ghana’s engineers are working to reduce energy consumption through obsolete equipment replacement with more energy e cient ones. This was made possible through advancements in solar technology and recent upgrades to key components. Through these solarisation projects, Vodafone Ghana aspires to take full control of its electricity requirements and manage them more e ciently and at substantially lower costs. Vodafone has engaged the relevant energy authorities on the possibility of feeding the excess energy produced by the Vodafone Ghana solarisation projects into the

national grid to bolster its output to the nation.

As Sustainability Manager at Vodafone Ghana, Jacqueline Makumator-Jones shared in an interview, ‘…it is important that our business success does not come at the cost of the planet. We have committed to halving our environmental impact and reducing our carbon emissions by 2040. At Vodafone Ghana, we are taking major steps to green our energy consumption which accounts for a large percentage of the carbon footprint of our core operations.’ In the last decade, signi cant advancements have been made in the development of

cheaper and more e cient solar and other green technologies. Nevertheless, businesses and governments remain hesitant to implement these technologies, citing cost as a key factor – a nding which was con rmed at the 2022 World Economic Forum in Davos. Other factors found to be limiting implementation of green technologies at both the macro and micro levels include a lack of will, and a general ‘sluggish’ attitude towards green change. Experts and environmental activists from several countries have called for businesses and governments to nance the global

transition to a greener future at a faster pace than they had been doing. Vodafone Group is taking signi cant steps to reduce its impact on the planet, in line with which it has made commitments towards going 100% green. These include reducing greenhouse gas emissions by 50% by 2025, becoming net zero by 2040, and purchasing 100% of its electricity from renewable sources by 2025. As part of its social contract, Vodafone Ghana is also committed to ensure compliance with all environmental requirements.

Speaking on the solarisation e orts, Chief Executive O ce

of Vodafone Ghana, Patricia Obo-Nai stated that, ‘At Vodafone Ghana, our brand of corporate responsibility prioritises activities and actions that reduce the environmental impact on business and the communities in which we serve. The solarisation of our exchanges is testament to our e orts in putting into action our green energy agenda to curb carbon emissions towards reducing the negative e ects of climate change on our people and environment and reduce our dependence on the national grid. At Vodafone, we believe in advocating and practicing greater responsibility that has a positive impact on the wider society.’

Stanbic Bank’s Feminie Code explores the stories of women in tech

As part of activities to commemorate International Women’s Day, Stanbic Bank Ghana has organized a seminar for women dubbed, ‘The Feminine Code.’ The discussion was in line with this year’s theme for International Women’s Day, ‘DigitALL: Innovation and technology for gender equality’, and was led by female leaders from various tech-related departments in the bank who shared their experiences as women in technology and their journey so far.

The panelists included Estelle Asare, Head, Digital and Innovation, Marian Amartey, Head, Business Enablement, Jemilatu Abdulai, Head, Digital and E-commerce and Aya

Ayettey, Head, Production Assurance and Customer Care, Tech and OPS.

Speaking on her experience as a woman in STEM, Mrs. Marian Amartey shared that there needs to be a deliberate attempt and more focus on encouraging girls to take up STEM-related courses in school.

She mentioned, “No matter what your area of interest is, problems are part of our daily lives. Even as women there are a lot of challenges that are speci c to our gender. One way or the other, be required to solve them at a point. STEM as a eld has what will suit you to achieve your purpose and beyond. Instead of relying on the other gender to

solve our problems, we must encourage more young ladies to take up STEM-related courses. I believe that as women we are equally capable of excelling in the digital space. There are many opportunities for women in technology all they need is the right training to succeed and do amazing things in this eld.”

“It can really be intimidating as a woman entering a male-dominated eld. During my studies, I was one of the only girls in the class. Many times I was made fun of and asked why I was even there. But I knew what I was about so I remained focused and put in hard work and I excelled. I am very grateful to be working in a bank with men who

are supportive of women and create a conducive environment for us to succeed.,” she added.

Mrs Estelle Asare also encouraged women to take advantage of every opportunity that comes their way. She advised, ‘The future is exciting. Now careers in STEM are not as limited as it used to be and that has created more opportunities for women to play in the eld. As women, we cannot sit back and wait for things to happen. We need to take charge of our lives and go the extra mile to make things happen. Apply yourself to whatever you do and be hungry to learn more. I always encourage women to nd a

mentor who can guide them and show them that indeed your dreams are valid and they are possible.”

Over the years Stanbic Bank has celebrated International Women’s Day by supporting young women across the country with access to and training in STEM. Last year the bank presented STEM books to female students of the Ogbojo Presbyterian Junior High School at Madina, Accra. The bank also organized a 5-day camp in partnership with WiSTEM Ghana to educate young girls from various secondary schools in Ghana. The camp provided young girls with adequate training and skills in various STEM-related areas.

The Africa we want:a roadmap out of poly-crises for policy makers

The con uence of shocks – the cascading impact of the COVID-19 pandemic, the war in Ukraine and severe natural disasters – have eroded Africa’s development gains, resulting in a staggering 149 million previously non-poor Africans now facing the risk of falling into poverty. The growing number of new poor and vulnerable people is making it harder to close the gap between the rich and the poor. Moreover, Africa currently accounts for the largest share of the world’s poor. This inevitably has a far-reaching impact on achieving the sustainable development goals and the vision of the Africa we want.

The crisis, however daunting, presents an opportunity for the African ministers of nance, planning and economic development assembling in Addis Ababa from 15-21 March 2023, to make concerted e orts on providing concrete solutions. The theme, fostering recovery and transformation in Africa to reduce inequalities and vulnerabilities, should yield long term actions to move the continent forward on a path of prosperity.

First, there is need for real action on reducing the high cost of trade. This can ease the burden on access to affordable goods for poor, hard-hit households that are losing out on health, education, and meaningful opportunities. It is also time to expedite the implementation of the African Continental Free Trade Agreement (AfCTA) as a powerful lever for poverty reduction. The AfCFTA’s promise cuts across all economic sectors, presenting a new pathway for broad-based growth. In the agri-food sector, which is critical to overcoming vulnerabilities associated with food insecurity for the over 300 million a ected Africans, ECA estimates show that the sector will yield additional US$ 43.3 billion in trade revenue by 2045 if the agreement is expedited. Additional opportunities abound in sectors such as pharmaceuticals, vehicles and transport equipment, metals, and textile, apparel and leather products.

Second, climate action must be mainstreamed in policy development and implementation. We are living through

the devastating impact of climate events that have led to the migration and displacement of some 85 million people in the region. Increasing temperatures have already contributed to a reduction by a third in average agricultural productivity growth, while the continent’s 38 coastal countries are facing climate-related threats to their blue economies. The climate crisis is not a fringe issue. It accentuates poverty through its impact on lives, livelihoods, and economies. Governments can nance development through innovative green nancing, such as investing in nature-based sequestration which can provide up to 30% of the world's sequestration needs. At 120 USD per tonne of carbon, up to US$ 82 billion per year can be mobilized from nature-based carbon credits in Africa.

Above all, moving the continent out of these crises will require resolving the fundamental aws underpinning the international nancial architecture and acting on lasting reforms. In the words of UN Secretary-General António Gu-

terres, “today’s poly-crises are compounding shocks on developing countries – in large part because of an unfair global nancial system that is short-term, crisis-prone, and that further exacerbates inequalities.” Reforming the system is key to reducing the shrinking scal space and allowing African countries to access a ordable long-term nancing with better lending terms by multilateral development banks, amidst increasing risks of debt distress. These funds are needed for a new cycle of sustainable growth and a reinvigorated business and innovation climate. The funds are also required for meeting the most urgent needs of the poor, for instance, through social protection measures. In addition, debt service relief and restructuring for the worst hit poorer countries and the extension of the G20 Debt Service Suspension Initiative (DSSI) will also help create the scal space for the kind of urgent spending needed.

African ministers must turn up the volume in support of the Secretary-General’s advocacy for a modi ed G20

Common Framework for e ective, fast-tracked, and broad-based debt restructuring. Furthermore, if multilateral development banks can expand the volume of lending, including concessional lending, it could be a game changer for struggling countries. This can be achieved through increasing their capital bases, better leveraging of existing capital and implementing recommendations of the G20 Capital Adequacy Framework Review, and re-channelling Special Drawing Rights (SDRs) through MDBs. Moreover, as long as African countries remain in need of urgent resources, the Secretary-General’s SDG Stimulus will also require a new round of SDRs, resulting in high economic rates of return on sustainable development.

For millions of the previously non-poor and for the poor who face a future of chronic vulnerability, Africa’s policy makers can use this meeting, ahead of the World Bank / IMF Spring Meetings to tip the scales towards meaningful, long-lasting change.

Antonio Pedro is the Acting Executive Secretary of the Economic Commission for Africa

Trust Hospital advocates women's self-care on IWD 2023

has been a call to action to accelerate gender equality. At Trust, we give and will continue to give equal opportunities.

The Trust Hospital has observed International Women's Day (IWD) 2023 with a call for women to prioritise their self-care and wellness, as it is essential for the betterment of society. The event, themed ‘The total well woman; a woman's health conversation’, featured a range of speakers advocating for women to embrace equity without neglecting their own well-being.

Chief Executive O cer for Strategic Communications Africa (Stratcomm Africa) Limited

Esther A.N. Cobbah, who was the guest speaker at the event, emphasised the importance of self-care and urged women not to be complacent when it comes to their health and wellness. She noted that this has become

increasingly important as women juggle multiple responsibilities, including careers, families, children, community involvement, and relationships, leaving them with little time or energy to take care of themselves.

"As women, the disadvantaged position we nd ourselves in does a lot of harm to our wellness, either physically, emotionally, mentally and psychologically as well as spiritually. Relating our theme to the overarching theme for this year's IWD, embracing equity, the associated symbolism of clasping our hands across our bosom is a powerful image of self-embrace reminding us to care for ourselves amidst all that we have to take responsibility for," Ms. Cobbah said.

According to recent research, women today are less content than they have been during the previous forty years. Many experts cite a shortage of free time as a key factor contributing to this trend. Ms. Cobbah urged women to be intentional about giving themselves a break for the sake of their sanity and to prioritize themselves among other things, stating, "If we are well, the world will be well. If the caretaker is not well, the world is not well." CEO of the Trust Hospital, Dr. Juliana Oye Ameh, ex-

pressed her out t's commitment to increasing opportunities for women to contribute to the growth of the organization and to the attainment of this year's IWD theme 'Embrace Equity'. This, she said, includes support for career development by enrolling women sta members in training programmes. "You can tell how far an organization will go by the number of women in teams and here at Trust Hospital we have more women than men and we are getting things done. This year's IWD

We support women in career development by enrolling most of our women sta in one form of training or the other. We are aiming for greater inclusion and we seek to celebrate, recognize and appreciate all of you in your di erent roles," Dr. Ameh said, as she urged women at the Trust Hospital to continue learning and seizing every opportunity to learn and grow.

Chief of Medical Sta at The Trust Hospital, Dr. Nana Ama Abankwah, in a presentation on the topic ‘Wellness for the Corporate Woman’, highlighted the potential challenges and opportunities that corporate women may face, as well as solutions to some of these challenges.

The event also included an interactive session in which some participants discussed how they were able to rise through the ranks as women despite all of their responsibilities. The speakers emphasized the importance of women empowering themselves and speaking up when needed, adding value to themselves, and developing their skills as they climb the corporate ladder.

Safety of dry ice in cocktails

The use of dry ice in cocktails has become increasingly popular in recent years, as it adds a unique and impressive visual e ect to many cocktails because of the dramatic "smoking" e ect it creates. However, it is important to educate the public on the proper handling and use of dry ice to prevent any potential safety hazards.

It is important to understand what dry ice is. Dry ice is the solid form of carbon dioxide (CO2), which is a colourless, odourless gas that is present in the air we breathe. Dry ice is extremely cold, with a temperature of around -78.5°C, which makes it a great option for chilling drinks quickly. While dry ice itself is not toxic, it can pose certain health risks if it is not handled properly.

The rst and most important aspect to consider is the risk of carbon dioxide exposure. When dry ice is added to drinks, it sublimates (i.e. moving directly from the solid state to the gaseous state), releasing carbon dioxide gas. This gas can displace oxygen

in the air and create a hazardous environment, particularly in small or enclosed spaces.

To prevent this risk, it is important to use dry ice in a well-ventilated area and avoid using too much dry ice at once.

Additionally, bartenders must educate themselves and other sta on the proper handling of dry ice. This includes wearing gloves and using tongs or other appropriate tools to handle the dry ice, as it can cause frostbite or burns if it comes into contact with skin.

Cocktail providers are also encouraged to always alert their sta and customers to avoid ingesting dry ices in their drinks which can cause serious injury to their mouths and stomach walls.

Another important consideration is the proper storage and transportation of dry ice. It should be stored in a well-ventilated, cool, and dry area, and should not be sealed in airtight containers or rooms.

It is also important to transport dry ice in insulated containers to prevent any poten-

tial safety hazards during transport. Finally, it is important to properly label drinks that contain dry ice, to ensure that customers are aware of the potential hazards and can handle the drinks safely. This can be done with a label or warning sign on the menu, or by informing customers directly when they order the drink.

The Food and Drugs Authority (FDA) will want consumers to be cautioned that Carbon dioxide exposure and the potential for frostbite and burns are the main risks associated with dry ice. Use only small amounts of dry ice in cocktails as a little goes a long way when it comes to creating the "smoking" e ect. Using too much dry ice can be dangerous, as it can cause an excessive amount of carbon dioxide gas inhalation. Make sure that any room where dry ice is being used is well-ventilated and spacious to prevent the build-up of carbon dioxide gas.

Thoughts on how technology can advance gender equality within society

Gender equality is a fundamental human right, yet it is still a challenge in many parts of the world. Despite signicant progress made in recent years, women continue to face various forms of discrimination and inequalities in all areas of life, including education, employment, and access to resources. Technology, however, has the potential to advance gender equality in society by providing new opportunities and tools for women

By Rita BOATENG

to overcome social and economic barriers.

This can be achieved through the following:

• Online educational programs: Technology can provide access to educational programs and resources that empower girls and women to learn skills that will help them succeed in traditionally male-dominated elds. Online learning platforms, webinars, and virtual mentorship programs can be especially useful

for women who live in rural areas and have limited access to educational opportunities.

• Digital nancial services: Many women in Ghana lack access to traditional banking services, which limits their ability to participate fully in the economy. By using mobile banking, e-wallets, and other digital nancial services, women can have greater control over their nances, access loans, and start their own businesses.

• Online marketplaces: Technology can provide women with a platform to sell their products and services online, which can help them expand their customer base and increase their revenue. Online marketplaces can also provide opportunities for women entrepreneurs to network and collaborate with other business owners.

• Social media campaigns: Social media platforms can be used to raise

awareness about gender inequality issues and promote positive change. For example, social media campaigns can educate the public about the importance of gender equality, highlight success stories of women in various elds, and create a supportive community for women to share their experiences and challenges.

• Telemedicine: Technology can provide women with access to healthcare services, especially for those who live in

remote areas where healthcare facilities are scarce. Telemedicine services can provide remote consultations, diagnosis, and treatment, which can help women to address their healthcare needs without the need for traveling long distances.

• Remote work opportunities: Technology can provide women with exible work arrangements, which can help them balance work and family responsibilities. By working remotely, women can also access job opportunities that were previously unavailable to them due to geographic barriers or traditional

gender roles.

• Arti cial intelligence (AI): AI can be used to reduce gender bias in various industries, such as hiring, education, and healthcare. By removing human bias from decision-making processes, AI can help to create a more equitable society where everyone has an equal opportunity to succeed.

In conclusion, while gender inequality remains a challenge worldwide, technology provides a powerful tool for advancing gender equality by o ering new opportunities and tools for women to overcome social and economic

barriers.

Through online educational programs, digital nancial services, online marketplaces, social media campaigns, telemedicine, remote work opportunities, and arti cial intelligence, women can access resources and opportunities that were previously unavailable to them. Personally, to harness the potential of technology, we can work towards creating a more equitable society where everyone has an equal opportunity to succeed regardless of their gender.

>>>Rita Boateng is Customer Experience and Marketing Executive at Old Mutual Ghana

Lieutenant General Francisco Braco Carbó visits Ghana

By Chris KONEY

Lieutenant General Francisco Braco Carbó (CMOPS), has visited Ghana to meet high-level authorities and to see rst-hand the activities carried by Spanish forces during the annual ‘FLINTLOCK’ exercise, organized and directed

by the US Special Operations Command for Africa (SOCAFRICA).

To take advantage of the military activities and the strategic importance of Ghana to Spain, Vice Admiral Alfonso Delgado and Brigadier General Ángel Herrezuelo accompa-

nied Lieutenant General Francisco Braco Carbó.

Lieutenant General Francisco Braco led the team to hold high-level meetings with local authorities and other key government o cials including the Minister of Defence, Hon. Dominic Nitiwul, Vice Admi-

BOOK REWIEW

ral Seth Amoama, Chief of the Defence Sta , Rear Admiral Issah Yakubu, Chief of Naval Sta and General Francis Adu Amanfoh, Special Presidential Advisor for the Accra Initiative.

The delegation was accompanied by His Excellency Javier

Gutiérrez, Ambassador of Spain in Ghana, who stated that “the visit of the Armada warship AUDAZ and of the Commander of the Operations Command of the Spanish Armed Forces are a testimony to the priority Spain attaches to Ghana and the security in the region”.

DNA: Origins, a journey to the beginning of time

The origin of the universe has di erent views and expositions in the scienti c world. Physicist believe in the big bang theory as the origin of the universe, biologist believe in the ever-controversial theory of evolution by Charles Darwin. Also biochemist herald the theory of abiogenesis and cosmologist also are convinced of the ever-intriguing theory of panspermia.

Christianity one of the major believes in the world believes in the creation story as the true origin of the universe to the Almighty God – the supreme intelligence.

How did we end up on this planet called earth? Is there a supernatural Creator? Does man evolve with each passing century? What does the future hold for us? Who created our universe? Did the universe come out of its own? Is there a beginning of our universe? And will there be the end of our Universe? These are very

But truth is that, I did not get answers for many of them. So I tried engaging some of my friends about these same questions. And to my utmost surprise, many of them said it is better we do not ask these questions at all. But rather we should continue living our lives and stick to what we have come to believe and accept as

But as the porpular adage goes, a people who do not know their origin would not have the right knowledge of where they are heading to. As we continue to live in their earth, we have divergent purposes and callings. We are all di erent. No two people are the same. And the uniqueness in our identity is based on our acceptance of the fact that, we are all di erent and have different destinies.

In his second science ction

and fantasy novel titled DNA: ORIGINS, author Jacob A. Osae takes us back to the beginning of time. It’s an origin story in this masterpiece. As humans, many have di erent schools of thought about the origin of the universe. DNA: ORIGINS is a story about the beginning of time. In DNA: ORIGINS, Jacob A. Osae rubbles our noble conscience on the subject of God as the source of all creation and the subjugation of scienti c knowledge in it unbridled attempt to superimpose its ignorance on the creation story. In the beginning, God created the heaven and the earth. As prosaic as that statement seems, it is also a very cumbersome assertion for the savvy mind.

Jacob A. Osae in his new novel dabbles our mind in a fantastic world of genetics and oriental enquiry into the true origin of life here on earth. In DNA:ORIGINS, the life of a biologist and his wife an archeologist are set into utter mayhem and panic when they both receive a debilitating news about an onslaught against their children that had

been averted in an arcane way. This situation sets the premise for the novel, as it spins the couple (the man and his wife) on a journey of discovering the cause of their genetic mutation that has endowed them and their children with paranormal abilities. DNA: ORIGINS, is a must read for everyone. And you will never get bored as you turn the pages from start to nish.

DNA: ORIGINS is slated to be launched in the month of April of this year. Details of the book launch will be communicated in due time. But in the meantime, you can connect with the author via the handles below to get all the updates on the time, place and venue of the release of the novel.

Website/Word press: https://medium.com/@osaejacob94

Linked in: https://gh.linkedin.com/in/jacob-osae...

Facebook: https://www.facebook.com/jacobosae

Twitter: https://twitter.com/osaejacob94

Instagram: https://instagram.com/_osaejacob94

Email: osaejacob94@gmail.com

Contact: +233201632246

It's time to give women top posts in multilateral institutions like UN, World Bank, says GCBL Chairman

The Chairman of the Global Chamber of Business Leaders (GCBL), Dejan Stancer, has called for women around the world to be given top posts in multilateral institutions like the United Nations (UN), the International Atomic Energy Agency and the World Bank.

Mr. Stancer made the call in a speech during a virtual conference organized by the Global Chamber of Business Leaders on March 8, 2023, to celebrate the International Women's Day (IWD).

The 2023 edition of IWD was held under the global theme: 'DigitALL: Innovation and technology for gender equality' and was celebrated world-

wide to help raise awareness about the need to create equal opportunities for both women and men in the digital or technological world.

Speaking under the special theme for the virtual conference: "Unleashing The Power Of Innovation And Technology For Gender Equality," Mr. Stancer bemoaned that "women have held just 12 percent of the top posts in the 33 largest multilateral institutions since 1945, and more than a third of those bodies, including all four major development banks, have never been led by a woman."

He explained that since 1945, the 33 multilateral institutions

have had 382 leaders, of whom only 47 were women, adding that "and despite progress in recent years, only one third of institutions are currently headed by women."

According to him, ve of those bodies have only had one female president in their history, and that includes the current head of the World Trade Organization (WHO), Ngozi Okonjo Iweala.

Among the 13 institutions that have never had a woman at their head, Mr. Stancer mentioned, are the World Bank, the UN, the International Atomic Energy Agency (IAEA) and the Food and Agriculture

Organization (FAO).

Giving reasons why women must be given opportunities to head multilateral institutions, Mr. Stancer made a demographic argument, saying "Women make up 50 percent of the world's population, so it's demographic justice to begin with.Women bring a combination of leadership, wisdom and empathy. Sometimes women have an even greater understanding of what's going on in the world, and about geopolitics."

Women empowerment at GCBL

Meanwhile, he said at the

Global Chamber of Business Leaders, the situation is completely di erent, saying the share of women occupying leadership positions is almost 46%.

"In the working bodies of GCBL, as we call the committees, of which we have established six, the proportion of women is as much as 50%," he said.

According to him, "Appointments to the GCBL are never made on the basis of race, color, political or religious belief, and especially not on the basis of sex. At GCBL, we appoint exclusively on the basis of knowledge and experience. With us, everyone has the same opportunities, even

As Nigerians prepare to go to the polls on Saturday to elect a new president, a cash shortage caused by a policy to exchange old Naira notes for newly designed bills continues to cripple the economy, creating a rift in the ruling All Progressives Congress (APC) party. The note swap plan championed by incumbent President Muhammadu Buhari has led to violent protests across the country and resulted in a temporary suspension of banking e Supreme Court to overturn the policy, citing severe hardship faced by people and businesses dependent on cash for survival. Buhari’s apparent intention behind the policy is to curb vote buying by politicians, turning a deaf ear to APC governors who have made repeated calls to postpone the implementation of the policy. Amid fears of the current tensions spilling over to political violence, Buhari said he’s mobilising military and security agents to monitor polling stations for evidence of vote rigging. The severe cash shortage has held the currency steady in spite of the economic turmoil, with the Naira strengthening marginally against the dollar to 755 from 756 at last week’s close. In this context, resolving the cash shortage has become more rate likely to hold around current levels until Naira supplies recover.

Rand sinks to lowest in more than 3 months

The Rand depreciated against the dollar, trading at 18.25 from 18.05 at last Friday’s close—its weakest level since early November. The currency is being dragged lower by broad more than half of the power company’s debt over the next three years to help strengthen the balance sheet and avoid the risk of default. We expect the Rand to continue trading with an 18 handle in the near term, mainly due to the

Foreign

Down 18%

The Cedi weakened against the dollar, trading at 12.76 from 12.38 at last week’s close as Fitch Ratings cut Ghana’s foreign currency credit rating to ‘restricted default’ after the country missed a $40.6m coupon payment on one of its outstanding Eurobonds. The downgrade aligns with Fitch’s local currency rating, which was cut earlier this month. The foreign debt default was largely expected after Ghana said it would suspend payments on certain bonds as part of its restructuring plan to unlock $3bn in emergency funding from the IMF. The country faces pushback from bondholders over preferential treatment for bilateral lenders, who are being slight improvement in January—we expect the Cedi to depreciate further in the near term.

Down Down 99%

Foreign Exchange Down

4.8%

The Pound depreciated against the dollar, trading at 30.60 from bond, or sukuk, raising $1.5bn. The three-year deal priced to yield 11%, having attracted investor demand of more than $5bn. expect the Pound depreciate further in the week ahead mainly due to dollar strength.

Shilling strengthens as Uganda resists rate rise

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 edging up to 10.4% last month. In the near term, we expect the Shilling to weaken amid continued food and energy price

94%

Foreign

Down

32% 11.7%

Kenyan Shilling hits new low as FX reserves dwindle

The Shilling weakened to a fresh low against the dollar, trading at 126.15 from 125.90 at last week’s close amid increased FX demand from the oil and energy sector. The currency has now lost more than 2% of its value this year. Kenya’s foreign currency reserves also dropped to a new record low $6.88bn from $6.94bn secured a $27m funding deal with the European Union to boost exports to the 27-nation bloc and strengthen the overall business environment. The government is also anticipating $3.4bn in tourism-related earnings this year as it expects tourist numbers to exceed pre-pandemic levels. In the immediate term, however, we expect the Shilling to remain under pressure as importers clamour for dollars to meet month-end obligations.

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Forging a Social Contract for Reducing Poverty and Inequality in Africa

Africa is at a crossroad. A convergence of crises – the COVID-19 pandemic, the Ukraine war along with climate change – have exacted a huge toll on the continent’s development. The pandemic pushed 62 million non-poor Africans into poverty in 2020, and 149 million non-poor people (whose consumption was 20 per cent above the poverty line) were at risk of falling into poverty in 2022.

Indeed, Africa is now home to more than half of the world’s poor, and 546 million people are living in extreme poverty –yes, that’s more than half of the continent’s population.

These crises have set Africa’s development back by decades and with much poorer economic performance going forward, prospects are only getting dimmer and require concerted policy intervention.

One thing to note is that poverty in Africa is primarily a Sub-Saharan Africa phenomenon and is largely concentrated in least developed countries (LDCs), while middle income countries have less than 5% of

their population in poverty.

While Africa’s robust economic growth in the last two decades reduced poverty, its bene ts were not equally accrued as inequality not only widened, but also remained pervasive across all sub-regions. Income and wealth inequalities are particularly stark in Southern Africa. These high rates of poverty and inequality have exacerbated the socio-economic conditions of the poor going forward. For instance, over 80% of the labor force works in the informal sector where they generally lack access to healthcare and other social schemes. Thanks to lockdowns during the pandemic, their earnings declined by 81 per cent in the rst month of the pandemic (ILO), increasing their risk of slipping into poverty. The same holds for the majority of Africa’s rural residents (an estimated 50 to 80 per cent according to the ILO) who cover their health expenses out of pocket, are being driven into poverty. Similarly, children from poor and vulnerable households were adversely af-

fected by the pandemic as prolonged school closures in many countries left them without access to education. According to UNESCO, 98 million children in Africa were out of school in 2021, with girls whose school dropout rate was higher than for boys (4.2 vs. 3.1 percentage points, respectively), bearing the brunt. Making the right turn to reduce poverty and inequality in Africa

As the clock is ticking on the 2030 Agenda, achieving SDG1 on eliminating poverty appears untenable. Moreover, growing poverty and rising inequality pose challenges to an increasingly fragile social contract that could fray under the weight of citizens’ unful lled expectations while threatening the prospects for peace, security and prosperity. Taken together, these developments underscore the need to confront head on what are inarguably the continent’s most pressing development challenges.

At the fty- fth session of the Economic Commission for Africa themed Fostering recovery and transformation in Africa to reduce inequalities

and vulnerabilities, which takes place from March 15 – 21, 2023 in Addis Ababa, African Ministers of Finance, Planning and Economic Development will convene to deliberate these issues.

The meeting provides an opportunity for policymakers to consider how to best tackle Africa’s most pressing development challenges and ensure that bene ts of development are more equitably distributed and accrue to all.

The task is daunting as shrinking scal space constrains governments’ capacities to adequately respond to and meet citizens’ needs. However, to effectively deliver on the social contract and accelerate the recovery from the crises’ adverse e ects, African governments need to take bold and decisive actions that ensure equal access to public goods as well as opportunities for all.

Policy measures that governments could consider include pursuing pro-poor and inclusive macro-economic policies, with spending targeted at safety nets to support the poor and

most vulnerable. Ensuring resource mobilization for an inclusive recovery, including through fair taxes and by leveraging climate nance for decent job creation, is vital to tackling poverty and inequality.

Carving a structural development path that is just and meets people’s needs, with industrialization and the African Continental Free Trade Area (AfCFTA) acting as catalysts, can provide the impetus for structural transformation that contributes to an economic recovery that leaves no one behind.

Finally, advancing reforms for a more just and inclusive global nancial architecture by advocating for the global debt architecture reform and the rechanneling of IMF Special Drawing Rights is crucial for building resilience and sustainability in countries.

Taken together, these actions can reduce poverty and inequality and help lay the foundation for a more inclusive, equal, resilient and prosperous