Investment Times Newspaper 2023 Edition | Issue 3

Debt Exchange Programme deadline extended to Jan 31

By Eugene Davis

Gold for Oil policy to reduce pressure on forex markets, Dr Addison says

By Eugene Davis

Central bank governor Dr. Ernest Addison has backed the barter of gold for oil policy and believes it would help lessen private sector pressure on the foreign exchange market.

Government last year announced a new policy to buy oil products with gold rather than US dollar reserves. The move, o cials say is meant to tackle dwindling foreign currency reserves coupled with demand for dollars by oil importers, which is weakening the local cedi and increasing living costs.

Appearing before the Public Accounts Committee of Parliament on Monday to answer questions on the foreign exchange receipts

and payments for half year and annual year for June 2020 and the nal report, December 2020, Governor Addison was also asked a public interest question on the gold for oil programme.

He told members of the committee that “The idea behind it is that if we are able to have this government-to-government arrangement for crude oil we probably might get it at a cheaper price than what the private sector can do and also because the central bank had already started gold purchasing to boost our reserves, we already have an arrangement where we getting gold for reserves.

The idea is to use that part of it to support the oil operation and if this government-to-government arrangement works well, the idea is that the private

NCA approves sale of Vodafone Ghana to Telecel

The National Communications Authority (NCA) has granted a conditional approval for the transfer of the 70 per cent majority shares in Vodafone Ghana to Telecel Group. This is subject to concessions made by Vodafone and representations made by Telecel to the NCA. It is still pursuant to the evaluation of the revised proposal from the Telecel Group.

A notice posted on the regulator’s website today (January 16), said “it would be recalled that in January 2022, the NCA received an applica-

tion from Vodafone Ghana for the transfer of 70 per cent of its majority shares held by the Seller to the Buyer.

It said in accordance with due process, the NCA evaluated the application on various criteria and engaged both Vodafone Ghana and Telecel.

“The NCA concluded that the request did not meet the regulatory threshold for approval to be granted.

“Following the NCA’s decision, the Buyer resubmitted a re-

Africa's energy future Europeantargetsinvestments

By Kestér Kenn Klomegâh

By Kestér Kenn Klomegâh

The African Energy Chamber (AEC), after holding a successful conference in South Africa, now moving to the United Kingdom. With its target to achieve all-round sustainableinvestment in the energy sector and support for the continent's socioeconomic development and drive economic growth, the African Energy Chamber plans the next business gathering for potential European investment oppor-

tunities across Africa.

On January 26, the Waldorf Hilton luxury hotel in London will hold a strategic platform bringing together government o cials, ministers, energy experts, actors and stakeholders in the energy sector speci cally from Africa and Europe to exchange ideas, share experiences and expertise that would culminate into comprehensive energy sector policies and strategies for developing exportable energy resources

vised nancial and technical proposal in December 2022 which demonstrated the needed capital investment to extend the deployment of 4G and launch innovative Fintech solutions,” the notice said. It said the NCA found that the revised proposal provided more clarity and certainty in terms of the funding required for the acquisition and the com mitments from both the Seller

2

5 banks to go bust if Exchange Programme goes ahead -Ato Forson predicts

By Eugene Davis

AfCFTA agreement should be hitting the ground running in these timesFBN Bank CEO

Gold for Oil policy to reduce pressure on forex markets, Dr Addison says

sector -that is trying to chase foreign exchange in the market will nance their oil imports, will not be adding pressure to the foreign exchange market, those are the two bene ts; rst government to government bene t of being able to get crude oil at lower prices and then reducing private sector pressure on the foreign exchange market.”

Temporary arrangement Further he stated that “Some of us thinks this is a temporary arrangement to deal with the crises that we have, others think it should be a permanent arrangement to

deal with the permanent pressure on the currency, but it is too early to draw any conclusions.”

According to Mr.Stephen Opata, Director of Financial Markets/Gold for Oil programme, he indicated that as of 2021 data, Ghana produced 130 tonnes of gold, making it the largest producer in Africa.

“Our production for gold is much higher, the problem we have is that some of our production is not going through approved channels – and probably that is why this programme may be useful in the sense that if it is successful all gold from licensed exporters

and community mines would be bought by PMMC, so at least if we are successful then we minimize the unapproved channels by which gold gets to Dubai.”

Sustainability

He also added that the country has what it takes to buy enough gold to sustain the programme, “currently the numbers we are looking at is about 160,000 ounces per month and that will represent about 50 to 60 percent of the consumption of the country and according to what PMMC indicates they can do, I think we have the volumes to support the programme at least for the 50 to 60 percent of our production.”

Already, the rst consignment of the Gold for Oil Policy by the government to curtail the increasing depreciation of the cedi against the major currencies has arrived at the Tema Port and discharged into the receptacles of Bulk Oil Storage and Transportation Company (BOST).

The 41,000 metric tonnes of the petroleum products delivered by SCF YENISEI would be sold by BOST to bulk distributing companies (BDCs) around Ghana, valued at $40 million, it was brokered by the Economic Management Team led by Vice President Dr Mahamudu Bawumia.

Ghana’s Gross International Re-

serves stood at around $6.6bn at the end of September 2022, equating to less than three months of imports cover. That is down from around $9.7bn at the end of last year, according to the government.

The proposed policy is uncommon. While countries sometimes trade oil for other goods or commodities, such deals typically involve an oil-producing nation receiving non-oil goods rather than the opposite.

Ghana produces crude oil, but it has relied on imports for re ned oil products since its only re nery shut down after an explosion in 2017.

PwC Ghana for 2023 analysis

NCA approves sale of Vodafone Ghana to Telecel

and Buyer.

economic

In addition, the Buyer had strengthened the overall governance and management team and made rm commitments towards meeting the regulatory requirements of the

The Report:

NCA.

“Based on the above, the NCA con rms that the revised proposal from the Buyer now meets the regulatory threshold and hence has granted a conditional approval for the

transfer of shares to the Buyer including submission of strategies for employee retention.

chapter of the report and other content for the Group’s suite of research tools.

“The NCA would like to assure the general public and all stakeholders that it would continue to work with Vodafone

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

Africa's energy future targets European investments

“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.”

Ghana and the Buyer to complete all outstanding regulatory requirements to ensure a smooth transition as well as continuity of service delivery and improved choice for consumers and competition within the industry,” it added.

cusing its e orts on lifting 600 million people who currently lack access to reliable and a ordable electricity and 900 million who lack access to a ordable clean cooking solutions out of energy poverty, thus the Invest in African Energy Reception in London will provide an opportunity for investors to explore various initiatives, which include gas-to-power and renewable energy developments, as well as oil and natural gas exploration and production prospects.

Oxford Business Group signs MoU with

In the wake of the coronavirus pandemic and the Russian invasion of Ukraine, demand for gas in Europe is expected to rapidly increase in the coming years, thus positioning Africa to take advantage of its immense untapped resources and become a major supplier of oil and natural gas and ensure global energy security while tackling the challenges and opportunities across the continent.

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.

continent's energy industry. "Africa will be unable to meet the UN’s sustainable development goals unless we tap into all resources available, which is why we must encourage and facilitate international investment, speci cally from Europe, in oil and gas in order to fairly and economically participate in the global energy transition and drive socioeconomic development throughout the continent," he said.

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

continent's energy industry. "Africa will be unable to meet

The African Energy Chamber has made it a priority direction to unite governments, especially energy ministers and credible businesses to spur growth under international standard business practices and position Africa to capitalize on energy investment through strategic partnerships and trade.

With the African continent fo-

In addition, the partnership between the pan-African trade nance institutions, the African Export-Import Bank (Afreximbank), which o cially partnered with the continent's premier energy event, African Energy Week (AEW) in 2022 in a move expected to reawaken a new era of deal-signing, local content and multi-sector expansion.

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.

Under a mandate to make energy poverty history in Africa by 2030, the partnership will see both AEW and Afreximbank uniting the power of investment and value creation, driving stronger energy developments in 2022 and beyond. It will also attract investment from the UK to facilitate capacity building, the advocacy and nancing of African companies, and the development of infrastructure in the continent's energy sector. Advancing a bold agenda for the energy sector is key and activity and direction of the African Energy Chamber. for European countries. With the current situation relat

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

sectors will be explored in a forthcoming report by the global research and advisory company Oxford Business Group (OBG).

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

Ghana 2023. Under the agree ment, PwC Ghana will team up for a third time with OBG to produce the Tax

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

many European countries, it has become necssary shifting to suitable alternatives such as developing an oil and natural gas markets in Africa. The gathering will also look at reducing barriers to entry into the sector and thus ushering a wave of opportunities for new players to participate in one of the world's most burgeoning investment destinations.

Ahead of this meeting, the Executive Chairman of the African Energy Chamber, NJ Ayuk, reiterated that African nations must focus on developing a natural gas market to serve as the foundation of the continent's energy industry. "Africa will be unable to meet the UN’s sustainable development goals unless we tap into all resources available, which is why we must encourage and facilitate international investment, speci cally from Europe, in oil and gas in order to fairly and economically participate in the global energy transition and drive socioeconomic development throughout the continent," he said.

The African Energy Chamber has made it a priority direction to unite governments, especially energy ministers and credible businesses to spur growth under international standard business practices and position Africa to capitalize on energy investment through strategic partnerships and trade.

With the African continent focusing its e orts on lifting 600 million people who currently lack access to reliable and affordable electricity and 900 million who lack access to affordable clean cooking solutions out of energy poverty, thus the Invest in African Energy Reception in London will provide an opportunity for investors to explore various initiatives, which include gas-to-power and renewable energy developments, as well as oil and natural gas exploration and production prospects.

In the wake of the coronavirus pandemic and the Russian in-

vasion of Ukraine, demand for gas in Europe is expected to rapidly increase in the coming years, thus positioning Africa to take advantage of its immense untapped resources and become a major supplier of oil and natural gas and ensure global energy security while tackling the challenges and opportunities across the continent.

In addition, the partnership between the pan-African trade nance institutions, the African Export-Import Bank (Afreximbank), which o cially partnered with the continent's premier energy event, African Energy Week (AEW) in 2022 in a move expected to reawaken a new era of deal-signing, local content and multi-sector expansion.

Under a mandate to make energy poverty history in Africa by 2030, the partnership will see both AEW and Afreximbank uniting the power of investment and value creation, driving stronger energy developments in 2022 and beyond. It will also attract investment from the UK to facilitate capacity building, the advocacy and nancing of African companies, and the development of infrastructure in the continent's energy sector. Advancing a bold agenda for the energy sector is key and activity and direction of the African Energy Chamber.

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 mini-

mum 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.”

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.

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.”

The SME High Growth Programme will target high growth SMEs across ICT, Agribusiness/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.

Required Information

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.

All business owners must have valid identity documents 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.

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 eciency of the enterprises, boost their competitiveness and scale up their operations for further job creation.

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

Through this partnership a grant support of GHs160m equivalent of US$20m has been earmarked for the agship SME High Growth Programme targeting SMEs nationwide, for general training, capacity upgrades, consulting, and nancing for selected and qualied 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.

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.

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 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.

“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.

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.”

5 banks to go bust if Exchange Programme goes ahead -Ato Forson predicts

By Eugene Davis

Parliament’s Ranking on Finance, Dr. Ato Forson has disclosed that about ve banks are likely to go bust following government’s impending domestic debt exchange programme(DDE) if the latter fails to engage further.

Speaking to journalists during a minority press conference on DDE on Monday at parliament house, he cautioned government to engage extensively or things could get to its head.

“If they fail to engage, they will continue to postpone, the banks have 60bn plus in government bonds, the insurance companies have 10bn plus of their monies in government bonds, the two put together is 70bn, on average they would be earning 20percent coupon for the year 2023, this 20percent coupon of 70bn translate to about GHc14bn they will lose in the year 2023.

If you put their pro tability for the year 2023 together, they would not even get 50percent of this as pro t, so what will happen, the banks will collapse, in fact I project a minimum of ve banks collapsing if this goes ahead, not only that a number of banks would have to close branches and lay o sta , the monies that the banks have invested,

it is not their money – it is de positors money, so there will be liquidity issues, when you go the bank that you are going to take your money, there is a pos sibility you won’t get your money.”

According to Dr.Forson, 13.1bn of individuals money that is ex pected to go their pockets gov ernment wants to take it, so the reason they need to engage, until they engage the country will crash.

Suspend Domestic Debt Ex change

Minority Leader, Haruna Iddri su addressing the same press conference in Parliament to state the position of the minori ty on government’s 16th Janu ary deadline for bondholders to sign onto the debt exchange programme or face dire conse quences, cautioned the govern ment, particularly President Akufo-Addo to stem any forc ible implementation of the pro posed debt exchange pro gramme and rather consult ex haustively on the way forward.

He says the same government that borrowed the country into the nancial ditch, cannot arrogantly ignore the concerns of bondholders and proceed to implement its widely opposed debt exchange programme.

“How did we get to this pit?

Simple. Reckless borrowing! Sadly, the NPP Government led

by Nana Akufo-Addo-Bawumia has not learned any lesson. The NPP was not only reckless in borrowing, but it has been reckless in announcing and implementing the Debt Exchange Programme. It is clear that the NPP Government did not properly think through this whole idea of a debt exchange programme. This has led to mani-

fest confusion in the implementation of the ongoing debt exchange programme.”

Further, the minority called for ““immediately suspend the Domestic Debt Exchange Programme and engage in more comprehensive consultation on the matter with all stakeholders and the Ghanaian people.”

“It is called on all stakeholders for a national dialogue on the state of the economy and debt ex change programme with the view to achieving the most workable and least punitive steps that pro tect Ghanaians and households from the disastrous e ects of the Domestic Exchange Program as currently received.”

AfCFTA agreement should be hitting the ground running in these times - FBN Bank CEO

The CEO of FBN Bank Ghana, Victor Yaw Asante has urged stakeholders and actors behind the Africa Continental Free Trade Area (AfCFTA) to tap into the potential of the programme and fasttrack its full implementation to boost goods and services on the continent.

According to Mr.Asante, the processes for the full operationalization of the programme seems to have stalled “ we have AfCFTA, so we must make use of it. We have taken quite a bit of time to discuss it and it is time to operationalize it. Let government, business to business go in and try and see whether we can now open the African market for our own goods and services.”

More broadly, the AfCFTA

promises broader and deeper economic integration and would attract investment, boost trade, provide better jobs, reduce poverty, and increase shared prosperity in Africa.

For Mr. Asante, he expected the challenges, “we all knew it was going to be di cult, even if we achieve 50percent of what it sets out, I will call it a success, but by all means, we should get something going.

Already, stakeholders have launched operational phase which was characterised by the adoption of ve key instruments; The Rules of Origin: A regime governing the conditions under which a product or service can be traded duty free across the region.

The Tari concessions: It has been agreed that there should be 90% tari liberalisation

and the deadline was 1st July 2020. Over a 10-year period with a 5-year transition, and there will be an additional 7 % for “sensitive products" that must be liberalized.

The online mechanism on monitoring, reporting and elimination of non-tari barriers, NTBs: NTBs are a great hindrance to intra African trade whether physical, like poor infrastructure, or administrative like the behaviour of customs o cials. These are to be monitored with a view to ensuring they are eliminated.

The Pan-African payment and settlement system: To facilitate payments on time and in full, by ensuring that payments are made in local currency and at the end of the year there’ll be net settlements in foreign exchange. With the certainty of payments, there will be con -

Debt Exchange Programme deadline extended to Jan 31

The deadline for individual bondholders to assent to the governments invitation to the Domestic Debt Exchange Programme(DDEP) has been extended to January 31, 2023.

The extension is to help deepen stakeholder engagement on the proposed policy. In a tweet by the O ce of Finance Minister on Monday, it was explained that there is the need for government to rally consensus towards a successful implementation of the

programme, hence the extension of the deadline to the end of the month.

“Building consensus is key to a successful economic recovery for Ghana.

“Pending further stakeholder engagement with institutional and individual investors, recently invited to join the debt exchange programme, government is extending the expiration of the DDE to Jan 31, 2023”, the tweet said.

dence in the system.

The African Trade Observatory: A trade information portal to address hindrances to trade in Africa due to lack of information about opportunities, trade statistics as well as information about exporters and importers in countries. The trade observatory will have all this information and other relevant data which will be provided by AU member states.

The agreement creating Africa's rst continent-wide free trade area could generate greater economic bene ts than previously estimated. The African Continental Free Trade Area (AfCFTA), if fully implemented, could raise incomes by 9 percent by 2035 and lift 50 million people out of extreme poverty.

The deal creates a continent-wide market embracing 55 countries with 1.3 billion people and a combined GDP of US$3.4 trillion. Its rst phase, which took e ect in

January 2021, would gradually eliminate tari s on 90 percent of goods and reduce barriers to trade in services. That could raise income by 7 percent, or $450 billion, by 2035, reducing the number of people living in extreme poverty by 40 million, to 277 million, according to a World Bank report published in 2020.

In ows of FDI attracted by the AfCFTA would bring jobs and expertise, build local capacity, and forge connections that can help African companies join regional and global value chains.

The AfCFTA can bring higher-paid, better-quality jobs, with women seeing the biggest wage gains.

Wages would rise by 11.2 percent for women and 9.8 percent for men by 2035, albeit with regional variations depending on the industries that expand the most in speci c countries.

Minority calls on President to suspend Domestic Debt Exchange Programme

The National Democratic Congress (NDC) Parliamenta ry Minority Caucus has called on President Nana Addo Dankwa Akufo-Addo to suspend the ongoing Domestic Debt Exchange Programme.

Mr Haruna Iddrisu, the Minority Leader and Member of Parliament for Tamale South, at a press conference in Parliament on Monday, urged the President to engage in more comprehensive consultations on the matter with stakeholders.

“We call on all stakeholders for a national dialogue on the state of our economy and exchange programme with the view to achieving the most workable and least punitive steps that protect Ghanaians and households from the disastrous e ects of the Domestic Debt Exchange Programme as currently designed,” he said.

“We wish to take this opportunity to indicate our intention to embark on nationwide road shows to foster deeper understanding of this matter and rally Ghanaians to demand a more favourable resolution to the economic crisis ….”

Mr Iddrisu said he was regis-

nation’s nancial sector.

“Today, Ghana is rated alongside Sri Lanka and Lebanon…. It is no secret that Ghana today is in debt Distress. This has been conrmed by both the nance minister and the International Monetary Fund (IMF),” he said.

Shortly after the presentation of the 2023 Budget Statement, the Finance Minister, on 4th and 5th December, 2022 also announced to the whole world that “There will be no haircut on the bonds and the principal at individual holders of bonds will not be affected,” he said.

Mr Iddrisu talked about the sudden U-turn to include individual bond holders and that it was trite knowledge that substantial number of moneys in nancial institutions came from private individuals.

It was, therefore, not acceptable for the Finance Minister to say that nancial institutions would be a ected by the Debt Exchange Programme but individual bonds holders would not.

He said the Programme would further exacerbate the already perilous nancial sector as banks and other nancial institu-

tions were still reeling under the

He said the last thing Ghanaians would want was a total collapse of the nancial sector due to government’s excessive borrowing.

Mr Iddrisu said the future sustainability of nation’s insurance companies could not be guaranteed under the current crafting of the Debt Exchange Programme.

“Indeed, the Programme, as proposed and implemented now cannot be in the interest of our nancial institutions and insurance companies. It certainly is not in the best interest of Ghanaians,” he said.

He said it was on that score, that the Minority was calling on the Government to immediately suspend the Programme and engage in deeper consultation for transparency on Ghana’s total debt and its management.

“Ghanaians deserve to know how much was involved and how long the debt exchange would take. It is not just about people’s investment, but more about people’s lives and livelihood”.

Source: GNA

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In the fourth episode of the Vodafone Healthline Spin-O show, Dr Elliot Tannor, a nephrologist, talked about how chronic kidney diseases can lead to high blood pressure.

Dr Tannor explained to the host of the Vodafone Health-

line show that kidneys help in the body's removal of waste and control of blood pressure. As a result, damaged kidneys cannot regulate blood pressure, which might result in elevated blood pressure.

He added that high blood pressure could also result in renal failure or chronic kidney disease. The doctor described how kidney-related blood vessels could be impacted by high blood pressure and become narrowed. As a result, the kidneys do not get enough blood, which deprives them of the oxygen and nutrients they need to operate. This damages the kidneys' tiny blood vessels.

He advised viewers to check their blood pressure often because high blood pressure has no warning signs or symptoms.

The ideal way to reduce one's risk of renal disorders and high blood pressure, according to Dr Tannor, is to make speci c adjustments to one's lifestyle, such as exercising frequently, maintaining a healthy

weight, eating healthily, and contacting your doctor for checks on both conditions.

The fourth episode of the Vodafone Healthline Spin-O show also debunked the notion that putting a thread on a baby's head prevents hiccups.

In response to the myth, Dr Aba Folson stated that there has not been any scienti c or medical research to back up the belief.

She clari ed: "The diaphragm contracts uncontrollably to cause hiccups. Whatever is in your hair has nothing to do with it. As everyone is aware, hiccups can occasionally be brought on by overeating, being overly full, or being dehydrated. Making sure that babies burp properly after feeding, keeping them upright for a while after feeding, and

making sure they are well-hydrated are all simple steps you can take to try and reduce this problem in babies. However, when it does happen, it is not pathological and even goes away by itself. If it makes you feel better, you can put a thread on the baby's head, but it will not change anything."

Through the Vodafone Healthline show, Vodafone Ghana has provided free medical education and interventions to the Ghanaian public. The show keeps giving out useful information through interesting content on selected media outlets and social media.

The Vodafone Healthline Spin-O edition airs on UTV on Mondays from 9:30 p.m. to 10:00 p.m. and on DGN on Tuesdays from 6:00 p.m. to 6:30 p.m.

Burkina Faso suspended from AGOA Programme

Burkina Faso, that desert landlocked west African country located in the Sahel, might be facing its thornest path to unpredictable political situation.

With an approximately 22 million population, majority impoverished largely due to misplaced state planning by the previous political leaders, Burkina Faso has been severely a ected by the rise of militant terrorist attacks since the mid-2010s.

Burkina Faso is not alone.

Across the Sahel region, neighbours feared the jihadist insurgency might spread further down from Burkina Faso to coastal neighbours including Ivory Coast, Ghana, Togo and Benin. Nigeria is already consistently ghting Boko Haram and other militant groups.

According to several media reports, Burkina Faso point-blank accused France for not done enough to tackle an Islamist insurgency. The prolonged insecurity resulted into political instability and military takeovers in January 2022 and September 2022 in the country.

The reports further said Burkina Faso has allegedly made an agreement with Russia's Wagner Group in which the

shadowy mercenary out t will help the west African country deal with surging jihadi violence in exchange for a mine.

Russia is broadening its geography of military diplomacy covering poor African countries and especially fragile states that need its military assistance. It has, during its past two decades of raising its economic in uence and ght French neo-colonial tendencies, bartered military equipment to have complete access into mineral resources in Central African Republic, Guinea, Mali and Chad. There are similar cases in Sudan and Libya. Last year, it su ered two military coups, heavily condemned by the regional bloc (Economic Community of West African States), and the continental organization (African Union). Both the ECOWAS and AU withdrew Burkina Faso's membership and further imposed some restrictions on the country for its military unconstitutional ascension to political power.

The ECOWAS and AU have also expressed collective concerns about any use of private mercenary forces, instead of well-constituted regional forces approved by regional blocs, as a means to address con icts in Africa.

During the U.S.-Africa Leaders

By Kestér Kenn Klomegâh

Summit held December 13-15 in Washington, the White House did not invite Sudan, Guinea, Mali and Burkina Faso because they are currently suspended by the African Union following coups and counter coups in Africa. These countries are simply not in good standing with the Africa Union.

Reports indicated that the United States has dropped Burkina Faso from its African Growth and Opportunity Act (AGOA). The main reason is that United States operates within the framework of protocols of the African Union, and thus Burkina Faso is no longer and logically quali ed for the AGOA trade preference program. The United States' Trade O ce said Burkina Faso had failed to meet the requirements of the AGOA statute.

The African Growth and Opportunity Act (AGOA) provides sub-Saharan African nations with duty-free access to the United States if they meet certain eligibility requirements, such as eliminating barriers to U.S. trade and investment and making progress toward political pluralism.

Frustrations over the govern-

ment's inability to curb an insurgency spurred two military coups in Burkina Faso in 2022. Late December, Burkina Faso's military government ordered Barbara Manzi, who is a senior United Nations o cial, to leave the country, a decision that was contested by the United Nations.

Burkinabe Ministry of Foreign A airs, however, reacted to the decision by repeating a November statement saying the timetable for a return to democracy had not changed. It had committed to returning to constitutional rule in 24 months in a July agreement with the West African regional bloc ECOWAS.

Burkina Faso is one of the world's poorest countries. It is agricultural, but said to have been mining copper, iron, manganese, gold and phosphates. Despite its political crisis, Burkina Faso utterly refused to observe the protocols of the ECOWAS and African Union. And the United States shows readiness to cooperate with African partners within the protocol principles and the framework of the African Union's Agenda 2063.

Botswana to host the 2023 U.S.-Africa Business Summit

By Kestér Kenn Klomegâh

Southern African Republic of Botswana has been chosen to host the 15th U.S.-Africa Business Summit (USABS), a major platform to strengthen U.S.-Africa trade and investment ties.

As African Heads of State, U.S. and African corporate business leaders successfully concluded in Washington their mid-December U.S.-Africa Leaders Summit, the 2023 U.S.-Africa Business Summit will further present a unique opportunity to sustain a positive momentum in U.S.-Africa engagement.

The U.S.-Africa Business Summit is a key pillar of the Corporate Council on Africa's engagement on the continent, hosting African heads of state, U.S. and African government o cials, top CEOs and Senior Business Executives spanning major sectors that are critical to the continent's development including infrastructure, ICT, health, energy, mining, and creative industries.

One of the world's fastest growing economies over the past decade, Botswana is regarded as a successful model for countries in sub-Saharan Africa. Anchored by a robust mining industry, prudent macroeconomic policies and strong governance, the coun-

try is poised for a resilient recovery post COVID-19.

The US government and private sector leaders, together with African political and corporate business leaders, have been working consistently over these years to share insights on critical issues and policies in uencing the US-Africa economic partnership.

The concern is to review the opportunities for the United States and African public and private sector leaders, how to strengthen the economic partnership between the United States and Africa related to investments in key economic and

trade sectors and the African Growth and Opportunity Act (AGOA).

The White House said the Biden-Harris administration was prioritizing a broadened economic relationships with Africa. And the United States investors are seriously looking forward to exploring several opportunities on o er in the African Continental Free Trade Area (AfCFTA), a policy signed by African countries to make the continent a single market.

"We are honored that the Government of Botswana has accepted our invitation to host the 2023 US-Africa Business

Summit in Gaborone and we thank President Masisi for embracing the opportunity to forge two-way trade and investment partnerships between the U.S. and Africa," says Florie Liser, President and CEO of Corporate Council on Africa.

Florie Liser added that Botswana has demonstrated that e ective economic policies, good governance and investment in local processing create resilient economies. The 2023 US-Africa Business Summit will be a momentous occasion to present Africa as a strong trade partner for U.S. companies.

The 14th U.S.-Africa Business

Summit themed "Building Forward Together" was held under the High Patronage of His Majesty King Mohammed VI of Morocco in Marrakech in July 2022.

The July 2022 summit explored a renewed commitment by both public and private sector stakeholders in building stronger U.S. and Africa trade, investment and commercial ties after slightly emerging from two years of unprecedented health and economic challenges. It was coordinated and organized by the Corporate Council on Africa (CCA).

Zimbabwe records its highest wheat harvest this agricultural production year

While a number of African countries largely depend on Russia and Ukraine for their regular supply of wheat and grains, even in spite of the persistent geopolitical warring situation, Zimbabwe has recorded its highest wheat harvest this agricultural production year.

According to Agricultural and Rural Development Advisory Services, Zimbabwe has achieved this milestone in wheat production by harvesting 375 000 tonnes of the cereal in 2022. Thus, Zimbabwe emerges as one of the few African countries which has adopted import substitution agricultural policy and strategically working self-su ciency.

Many African leaders have shifted blames to Russia-Ukraine crisis which began February 24, others focus on spending state budget to import food to calm rising discontent among the population. That compared, Zimbabwe o ered support for its local farmers and its harvest results is credited for the government's stringent e orts on agricultural transformation anchored on active private and public sector participation.

Over the years, the country

could not meet national requirements and had to import wheat from other countries, according to the Farmers Review Africa.

The weekly update indicates that all of the provinces have completed harvesting. It also shows that the cumulative area harvested across the provinces stands at 78 063ha, which is 97 percent of the planted area with a cumulative production of 375 131 tonnes.

Agriculture and Rural Advisory Services chief director Professor Obert Jiri said by working together as a team, they managed to improve wheat production.

"Yes we managed to meet the target. This was through hard work, commitment and working together to produce wheat that is su cient for the country. The e ort is greatly appreciated and we are positive that we can also do more than this in the next season," said Professor Obert.

National Chairman of the Grain Millers Association of Zimbabwe (GMAZ), Tafadzwa Musarara, said there had been a steady growth in wheat harvests, adding that if the private sector continued to work with the government, widespread imports would be permanently eliminated.

"We have the biggest yield this year since wheat started. This year, government has not only empowered the farmers, but the consumers as well in product supply and price stability.

The Russia-Ukraine con ict has caused serious problems for us. Partnerships with government are crucial in terms of food su ciency. We used to import wheat worth $300 million, we no longer do that and want to domesticate that. We also managed to secure the raw materials for the whole year," Musarara said.

During the 2022 winter cropping season, 78 063 hectares were put under wheat, registering the highest hectarage since independence and followed by plantings in 2004 (70 585ha) and 2005 (67 261ha).

The country had targeted to produce 380 000 tonnes of wheat but part of the crop was a ected by early rains and veld res.

Russia's Agroexport Federal Center for Development of Agribusiness Exports in close partnership collaboration with Trust Technologies and the business expert community drew up a concept for the development of exports of principal agricultural products (grain, dairy, butter, meat and

them about their right to object to any tax decision by the Commissioner-General.

On January 10, 2023, the GRA served Notice of Tax Assessment on MTN, which the Company reacted to.

MTN Ghana “strongly” disputed the accuracy and basis of the assessment, including the methodology used in conducting the audit.

By Kestér Kenn Klomegâh

confectionery products) to promising markets of African countries.

"The African continent is an interesting and promising area for the development of Russian food exports due to a number of factors: strong di erences in the level of welfare of the population, political instability in some countries, state regulation of prices for a number of goods, et cetera," Agroexport head Dmitry Krasnov was quoted in the statement and reported by Russian media including the Interfax News Agency.

By increasing grain exports to countries in Africa, Russia aims at enhancing the competitiveness of Russian agricultural goods in the African market. According to the business concept report, ve African countries have been identied and chose as target markets for the delivery of the agricultural products.

These are Angola, Cameroon, Ethiopia, Ghana, Kenya, Mauritius, Nigeria, Tunisia and South Africa. It is estimated to build on the total volume of exports to African countries which Russia is expected to earn estimated revenue amounting to $33 billion.

In a sharp contrast to food-importing African countries, Zimbabwe has increased wheat production especially during this crucial time of the current Rus-

rived from the Ghana Revenue Authority Act 2009, (Act 791), the Revenue Administration Act 2016, (Act 915) and several other tax laws.

sia-Ukraine crisis. This achievement was attributed to e orts in mobilizing local scientists to improve the crop's production. Zimbabwe is an African country that has been under Western sanctions for 25 years, hindering imports of much-needed machinery and other inputs to drive agriculture.

Some experts and international organizations have also expressed the fact that African leaders have to adopt import substitution mechanisms and use their nancial resources on strengthening agricultural production systems.

Establishing food security is important for millions of people facing hunger in Africa and is crucial for sustainable economic development and long-term prosperity of the continent. Addressing food security therefore, is key for a rising Africa in the 21st century.

From various perspectives, African leaders have to focus and redirect both human and nancial resources toward increasing local production, the surest approach to attain sustainable food security for over 1.3 billion population in Africa, and this falls in accordance within the framework of the Agenda 2063 of the African Union.

person can object to a tax assessment that is served by the Commissioner-General.

The Ghana Revenue Authority (GRA) says it followed due process in serving a notice of tax assessment on MTN Ghana.

It said it had also engaged MTN Ghana as required by law to ensure that it communicated

the basis of the assessment.

A statement issued in Accra by Mrs Florence Asante, Assistant Commissioner-Communication and Public A airs, GRA, said the Authority used other several avenues to interact with

The Company said it believed that the taxes due had been paid during the period under assessment and had resolved to defend its position on the assessment.

The GRA reminded taxpayers and the public that its mandate in tax administration was de-

It said Section 36 of the Revenue Administration Act 2016, (Act 915), mandated the Commissioner-General to audit the tax a airs of a person; and it was in accordance with that provision that the Authority conducted a Tax audit on MTN Ghana for the tax period 2014 to 2018.

“The audit was conducted as required by law adhering to the principles of fairness and transparency,” it added.

Section 42 of Act 915 also prescribes the ways in which a

GRA said admittedly, MTN Ghana had been audited many times in the past and had received numerous awards as a compliant taxpayer; however, those did not in any way prejudice the conduct of audits as required by Law.

“GRA uses this opportunity to remind taxpayers of their obligations under the tax Laws to declare and pay the right amount of tax(es) as well as the mandate of GRA to ensure that all businesses pay the right amount of tax,” it added.

We followed due process in serving notice of tax assessment on MTN Ghana – GRA

Human values for Artificial Intelligence

By Ana Palacio

This may be the year when arti cial intelligence transforms daily life. So said Brad Smith, President and Vice Chairman of Microsoft, at a Vatican-organized event on AI last week.

But Smith’s statement was less a prediction than a call to action: the event – attended by industry leaders and representatives of the three Abrahamic religions – sought to promote an ethical, human-centered approach to the development of AI.

There is no doubt that AI poses a daunting set of operational, ethical, and regulatory challenges. And addressing them will be far from straightforward. Although AI development dates back to the 1950s, the technology’s contours and likely impact remain hazy.

Of course, recent breakthroughs – from the almost chillingly human-like text produced by OpenAI’s ChatGPT to applications that may shave years o the drug-discovery process – shed light on some dimensions of AI’s immense

potential. But it remains impossible to predict all the ways AI will reshape human lives and civilization.

This uncertainty is nothing new. Even after recognizing a technology’s transformative potential, the shape of the transformation tends to surprise us. Social media, for example, was initially touted as an innovation that would strengthen democracy but has done far more to destabilize it by facilitating the spread of disinformation. It is safe to assume that AI will be exploited in similar ways.

We do not even fully understand how AI works. Consider the so-called black box problem: with most AI-based tools, we know what goes in and what comes out, but not what happens in between. If AI is making (at times irrevocable) decisions, this opacity poses a serious risk, which is compounded by issues like the transmission of implicit bias through machine learning.

The misuse of personal data

and the destruction of jobs are two additional risks. And, according to former US Secretary of State Henry A. Kissinger, AI technology may undermine human creativity and vision as information comes to “overwhelm” wisdom. Some worry that AI will lead to human extinction.

With stakes this high, the future of the technology cannot be left to AI researchers, let alone tech CEOs. While heavy-handed regulation is not the answer, the current regulatory vacuum must be lled. That process demands the kind of broad-based global engagement that is increasingly shaping e orts to combat climate change.

In fact, climate change o ers a useful analogy for AI – far more useful than the oft-made nuclear comparison. The existence of nuclear weapons may a ect people indirectly, through geopolitical developments, but the technology is not a xture of our personal and professional lives; nor is it shared globally. But climate change, like AI, affects everyone – and action to limit it could put a country at a disadvantage.

Already, the race to dominate AI is a key feature of the US-China rivalry. If either country imposes limits on its AI industry, it risks allowing the other to pull ahead. That is why, as with emissions reduction, a cooperative approach is vital. Governments, together with other relevant public actors, must work together to

design and install guardrails for private-sector innovation.

Of course, that is easier said than done. Limited consensus on how to approach AI has resulted in a hodgepodge of regulations. And e orts to devise a common approach within international forums have been stymied by power struggles among major players and the lack of enforcement authority.

But there is some promising news. The European Union is working to forge an ambitious principles-based instrument for establishing harmonized AI rules. The AI Act, expected to be nalized this year, aims to facilitate the “development and uptake” of AI in the EU, while ensuring that the technology “works for people and is a force for good in society.”

From adapting civil-liability rules to revising the EU’s product-safety framework, the act takes the kind of comprehensive approach to AI regulation that we have been missing.

It should not be surprising that the EU has emerged as a frontrunner in AI regulation. The bloc has a history of leading the way in developing regulatory frameworks in critical areas. The EU’s legislation on data protection arguably inspired similar action elsewhere, from the Consumer Privacy Act in California to the Personal Information Protection Law in China.

But progress on global AI regulation will be impossible without the United States. And, despite its shared commitment with the EU to developing and implementing “trustworthy AI,” the US is com-

mitted to AI supremacy above all. To this end, it is seeking not only to bolster its own leading-edge industries – including by keeping the red tape to a minimum – but also to impede progress in China.

As the National Security Commission on Arti cial Intelligence noted in a 2021 report, the US should be targeting “choke points that impose signi cant trickle-down strategic costs on competitors but minimal economic costs on US industry.” The export controls that the US imposed last October, which target China’s advanced-computing and semiconductor sectors, exemplify this approach. For its part, China is unlikely to be deterred from its quest to achieve technological self-su ciency and, ultimately, supremacy.

Beyond opening the way for AI-generated risks to manifest, this technological rivalry has obvious geopolitical implications. For example, Taiwan’s outsize role in the global semiconductor industry gives it leverage, but may also put yet another target on its back.

It took more than three decades for awareness of climate change to crystalize into real action, and we still are not doing enough. Given the pace of technological innovation, we cannot a ord to follow a similar path on AI. Unless we act now to ensure that the technology’s development is guided by human-centric principles, we will almost certainly regret it. And, as with climate change, we will most likely lament our inaction much sooner than we think.

Improving employee performance through performance management system

Hurray, happy New Year afehyiapaa to both employers and employees, as we get back to work in 2023 after the end of year and new year recess. In all organization, employees are the greatest assets. After taking stock of the organization’s successes and failures during the previous year, the organization through supervisors set target or goals at the beginning of the year for employees to enable them work towards these goals throughout the current year. Mostly these goals are set in relation to the organization’s vision and mission.

A target is a goal to be achieved within a given period. Mostly a target is the problem area in an organization that needs to be eliminated. Setting target requires an agreement between a supervisor (appraiser) and his or her subordinate known as (appraisee). Having a meeting at the beginning of a current year where the appraiser or supervisor give a work schedule upon agreement to the appraisee or subordinate. The purpose of this agreement is to motivate and support the employee with the needed resources in planning his or her work in the year. Example a credit o cer of a bank is given a target by his supervisor to cut o 30% of debtors’ rate by 31st July, 2023. For an HR ocer, a target for example can be to, submit monthly HR report by fth working day of

ensuing month in 2023. One of the HR tools used in most organizations nowadays to measure the performance of the employees is the Performance Management System (PMS). A performance Management System is a process an organization follows to ensure employees know the roles they play and the objective needed to follow to become successful. There are three phases of the performance management system, also referred to as cycle because these phases are unending process, these include, • Setting target at the beginning of year.

The rst phase, which is setting the target, is a meeting between the supervisor (appraiser) and the subordinate (appraisee) to discuss and agree on a target for the subordinate in many instances at the beginning of the year concentrating on target, competency and result areas.

Competency is an inmate or something within a person that promote performance. For instance, in the case of the credit o cer above, one of his competencies could be e ective portfolio administration or ability to conduct loan evaluation.

It should be noted that we have three types of competences this will be discussed in details in the next write-up.

Result Areas, is the area in the organization that needs improvement. In the case above on credit o cer, the key result area is debt collection meaning

both the supervisor and the subordinate (credit o cer) in setting the target for the subordinate realized there is a need to minimize debtors’ rate to 30%.

A good target should be SMART that is: S- Speci c, MMeasurable, A-A-agreed, R- Realistic and T- Time-bound. Speci c target means it should be so easy to understand when stating the target so that you know what exactly is to be accomplished. Using the credit o cer, it was speci c on debtors’ rate.

Measurable, a target should be easy to measure so that one can tell whether is achieved or not at the end of the period given. Here again using the credit o cer 30% was to be cut o .

Agreed or achievable, here, both the appraiser and appraisee must discussed and come to an agreement during the target setting period to motivate and ensure commitment from the appraisee. From the above case both the supervisor and subordinate agreed on 30% reduction so, the appraisee will be happy because he or she was part of the decision-making.

Realistic, is expected that when setting target, appraisers should consider resources available upon existing challenge. Constraints should not make it too di cult or easy to achieve what is expected. Time- bound: The period given during the target settings

makes it easy to know when to measure the target achievement. The credit o cer’s target, 31st July,2023 is the deadline to measure achievement.

• Mid-year or quarterly target reviews

Midyear or quarterly reviews is a meeting between the supervisor and the subordinate to review target set during beginning of year and also discuss matters relating to it. This enables the subordinates to get feedback on his or her performance from the supervisor whilst the supervisor take note of what resources are needed or recommends strategies to achieve the set targets.

• End of year target review and appraisal

The nal phase is the End of Year Review and Appraisal. This is also another meeting between the supervisor (appraiser) and the subordinates (appraisee) to assess the overall performance of the subordinates on the target set during the beginning of the review period. In doing this rating or marks is awarded on each target set for the appraisee. Appraisal is the last thing given to the appraisee by the appraiser during the end of year review meeting in the last phase of the performance management system at the end of a particular year.

EFFECT ON THE EMPLOYER

Most of the organization’s HR department use the performance management systems as a means to provide incentives to the employee. In many instances, this is

through awarding Salary increment based on end of year’s performance in relation to the organizations pro t performance in the year under review.

During the review meeting the weaknesses identi ed by the appraiser is used to plan for training programs to help the appraisee overcome his or her challenge. Furthermore, from result of the appraisee’s performance record a decision may be taken by the organization to promote the appraisee.

EFFECT ON THE EMPLOYEE

It is through the performance review exercise that, employees are motivated to improve on their performance as against the expected performance level.

An employee receives feedback on his or her performance and during the conversation time between the supervisor(appraiser) and the subordinate(appraisee) on strength and weaknesses in skills, behavior, knowledge, attitude etc, are made known to the employee, so to put in e ort to improve on areas where the need be.

From the performance review exercise, employee’s career development can be enhanced because the employee gets to know where his/her strength is, whiles putting in e orts to do away with bad behaviors and attitude that works against achieving the employee’s work target.

AUTHOR: JULIANA AMOAH FORESTRY COMMISSION

Spin-O show.

Dr Pepera explained that ovarian cancer is commonly known as the "silent killer" because it does not often present any symptoms. According to her, by the time it presents with symptoms, cancer would have already advanced. She said that some

visit the doctor if one notices any changes in their body. Speaking on cancer of the womb, also known as uterine cancer, Dr Pepera said womb cancer is one of the more treatable cancers. She said that this type of cancer usually causes bleeding, so if this symptom is noticed early and taken serious-

cinating for it."

Cervical cancer, she said, happens when cancer forms in the tunnel-like organ that connects the vagina and the uterus, known as the cervix. The human papillomavirus, or HPV, is frequently the cause of this cancer, she noted.

Dr Pepera recommended that

Vodafone Healthline doctor educates Ghanaians on cervical, ovarian, and uterine cancers

women get vaccinated against HPV to reduce the risk of getting cervical cancer. She also said that the best time to get vaccinated is during adolescence and suggested that both boys and girls should get vaccinated so that the entire population will be immune to HPV.

During the Myth Buster segment, the in-house doctors, Dr Kweku Yalley and Dr Aba Folson discussed a di erent type of cancer known as oral cancer. The doctors explained whether oral sex could cause oral cancer. The doctors noted that oral sex can predispose one to oral cancer.

Dr Yalley also mentioned that

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.

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.

while oral sex is not linked to oral cancers, it is important that people be sexually responsible and avoid multiple sexual partners.

Through the Vodafone Healthline show, Vodafone Ghana has provided free medical education and interventions to the Ghanaian public. The show keeps giving out useful information through interesting content on selected media outlets and social media.

The Vodafone Healthline Spin-O edition airs on UTV on Mondays from 9:30 p.m. to 10:00 p.m. and on DGN on Tuesdays from 6:00 p.m. to 6:30 p.m.

Early in 2022, the JGC commenced its integrated rice farming 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 experiences 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.

Housing A Reality In Ghana

eco-friendly, and 50 times cheaper compared to the conventional concrete house. Now is the time for us as Ghanaians and Africans at large to embrace these innovations reinvented by 66 Engineering to build that enviable motherland of African states for ourselves and posterity.

ever materialized in Ghana where several attempts to build citizens of the state failed for decades? The evidence is so glaring as we keep recording huge housing population census conducted since independence. The Ghana Population and Housing Census of about 1.8million. The ripple dramatic increase in slum communities, unapproved settlements, and substandard residential structures across major cities in Ghana particularly Accra. The state tried to change the trajectory, so did the private sector but all to no avail.

The good news however bad the situation may be today is that, 66 Engineering Ltd has reinvented the science, art and engineering of building standard residential houses that cost less than Ghs 60,000 in the capital city Accra, and even much more less in the other regions across the country.

2 | P a g e

At 66 Engineering, we provide our clients with several alternatives and opportunities of building standard yet building cheaper residential homes that every of one’s income level or class of society.

The project in picture in this publication is one of our projects in Accra that has become the cynosure of all eyes for the past few weeks we erected this structure. This is one of our interlocking brick’s cheaper building solutions.

The bricks by designed have two (2) round holes and a small rectangular perforation in the middle. These holes are purposely for mortar joints and in some cases serves as conduits for plumbing pipes, electrical cable pipes, bamboo or iron reinforcement.

Remember the technology is not bricks that have been in the system that we all know. This technology is in the family of the stabilized compressed earth. It is a ratio of cement, clay or laterite, in some cases giving us a brick with average compressive strength of 8Mpa far higher than the average industry compressive strength

requirements of a concrete block. The structure does not require plastering after building, no painting, (you can only polish it if onlyent color designs). Color of the house can be kept consciously by a selective choice of the clay or laterite or a mixture of the two, the building maintains an environmentally friendly temperature that there will be no need to spend a dime on air conditioner installation and the electricity to power them. Alternatively, one can garnish this structure with natural stone décor marbles to give it that luxurious taste.

The interior can be plastered depending on the taste and preference of the individual, or better still be sealed and polished with a special varnish cheaper than plastering and painting. Ceiling and lamp holders can be processed bamboo which is a local content input and environmentally friendly

bamboo tiles et cetera ect cetera. The reality is that, you end up having a complete house with sound and superiorstructural integrity,

By this publication, we are therefore calling on all stakeholders in the building, construction and real estate industry, all governments in the African continent, regulatory bodies, civil society 3 | P a g e organizations, international and regional associations, non-govern mental organizations et cetera to rally behind this clarion call by patronizing these innovations reinvented by this young company (66 Engineering Ltd), and also spreading the good news across the length and breadth of Africa. We are also appealing to all interna tional bodies such as the World Bank, International Finance Corporation (IFC) through the EDGE initiative, the ECOWAS community, African Union, the African Continental Free Trade Area Secretariate for partnerships, inves that 66 Engineering can do mass production of these GREEN BUILD ING TECHNOLOGY housing in gated estate communities to put shelter over the heads of the homeless majority of African people in our homeland Africa. You can reach us on: www.66engineering.com or send us a mail via 66engineeringgh@g mail.com for further information. Remember that the future is always built today and not tomor row. Imagination is our hallmark at 66 Engineering. Do not sit on the fence, join the revolution now!. 66 Engineering: Bringing Imag ination to Reality!

Writer: DANIEL KONTIE Position: Managing Director (66 Engineering Ltd) Contact: +233209032280

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MP urges the youth to strive hard

The Member of Parliament for Yendi on the ticket of the New Patriotic Party, Farouk Mahama, has urged the youth of the country to strive hard to achieve their set goals.

He urged the youth not to be discouraged by the temporary setback of the economy. He assured that government would do everything possible to overcome them/current challenges.

He also asked them to take advantage of the numerous skills and employment programs the government is enrolling in the course of the year to build themselves.

Hon Farouk who also serves on Food, Agriculture and Cocoa A airs and Gender and Children Committees in Parliament, was very con dent that the youth of the country would be given the necessary support to achieve their objectives.

He stated that as pillars of the

Stanbic Bank makes school fees payment easy and convenient

As part of their e orts to promote digitalization and make banking easy and convenient for their customers, Stanbic Bank Ghana has begun its annual school fees collection drive to ease the payment of school fees for students in various institutions across the country.

Head of Public Sector at Stanbic Bank, Richard Asare, noted that the bank’s School Fees Collection Drive was designed to help ease the pressure on parents and students relative to the payment of fees. He said, “Paying school fees through banks can be stressful. The long queues, the endless lling of forms and the length of time it takes to complete the process is not something anyone looks forward to. Unfortunately this is what most parents and students have to contend with whenever school reopens. At Stanbic Bank, we believe that it is our responsibility to ensure that our cherished customers and Ghanaians have the best banking experience whether they are visiting our banking halls or accessing our services remotely.”

He added that, “Through the Stanbic Bank School Fees Collection Drive, we as a bank have come up with a solution to the challenges involved in school fees payment. Students and parents in various institutions can now avoid any hassle and enjoy a convenient, quick and easy way to pay their fees. I entreat you all to step into any of our branches and take advantage of our quick and easy fee pay-

ment steps.”

Mr. Asare further mentioned that the bank is constantly exploring digital solutions to make fee payment easier for parents and students across the country.

“Technology has become an integral part of our daily lives and as a business, it is important that we keep up with the changing times and adopt new ways of doing business to make banking easy and reliable for our cus tomers. As a bank that is con stantly nding new ways of doing things, we started the Stanbic Bank Fees Collection Drive to reduce fee payers’ wait ing time in the banking halls and make their encounter with the brand worthwhile. The bank in troduced the iCollect Platform, an interface for students, par ents and guardians to pay fees online and through USSD chan nels.”

The Stanbic Fees Collection Drive started in 2016 with a few private educational institutions. This year, participating schools that are in the project are Uni versity of Ghana, KNUST, Cen tral University, God’s New Nation School, Merton Interna tional Primary and High School, Alpha Beta Education Centre, KNUST Institute of Distance Learning, Transnational Aca demic Group (Lancaster Univer sity Ghana), Islamic University College, University of Mines and Technology, Takoradi Technical University, Knutsford University College, University of Develop ment Studies, Simon Diedong Dombo University of Business and Integrated Development Studies. Students, parents, and guardians with wards in the schools mentioned above can access the service anywhere in the country.

state, they would not be left out in the socioeconomic development of the country.

Hon Farouk, who is the board chairman of the Ghana Integrated Iron and Steel Development Corporation assured that the Corporation would work very hard to prosecute its vision for the betterment of the economy.

He expressed his gratitude to Allah and all persons, individuals, and organizations who are helping him in his Parliamentary and other governmental duties.

Some youth in the constituency commended him for the numerous projects, programs, and opportunities he has created and continued to create for them.

They assured the Hon MP that they would be agents of peace and development wherever they would nd themselves.