Investment Times Newspaper 2023 Edition | Issue 28

By Eugene Davis

Majority Leader, Osei Kyei-Men sah-Bonsu, has asked the legisla ture to step up its oversight role to ensure scal discipline is followed by central government in a bid to curb over-borrowing.

According to him, all stakeholders including parliament have been negligent in its oversight responsi bilities, explaining every government will strive to leave an indelible mark as far as development is concerned, because, that is what the electorate shall remember the government for.

However, he added that the country should be equally concerned about the means to that end, stressing that every government has been borrowing to add to the stock of debt.

Mr. Kyei-Mensah-Bonsu during the nal debate on the State-of-the-Nation Address on Friday, said “Parliament should be the body to ensure that we spend within our means. Parliament does no have a Committee on the economy to do this anal-

CalBank,AMPATH donate to Cape Coast Teaching & Takoradi Hospitals

Majority Leader wants parliament to check fiscal discipline amid rising debt Gold Fields, AngloGold to create Africa’s largest gold mine

Gold Fields and AngloGold Ashanti

(“The Parties”) have agreed the key terms of a proposed joint venture in Ghana between Gold Fields’ Tarkwa and AngloGold Ashanti’s neighbouring Iduapriem mines (the “Proposed Joint Venture”).

Government pays outstanding coupons to bondholdersindividual

Standard Bank to re-capitalise Stanbic Bank

Stan dard Bank Group Ltd, Africa’s biggest lender by assets, is ready to re-capitalise its Ghana business, Stanbic Bank, after making provisions to cover more than half of its holdings in the nation’s debt.

“It may become necessary for us to inject capital in that business and we will, at the appropriate time,”

Chief Executive O cer, Sim Tshabalala, said in an interview with Bloomberg.

Standard Bank Group Ltd, Africa’s biggest lender by assets, is ready to re-capitalise its Ghana business, Stanbic Bank, after making provi sions to cover more than half of its holdings in the nation’s debt.

“It may become necessary for us to inject capital in that business and we will, at the appropriate time,”

Chief Executive O cer, Sim Tshabalala, said in an interview with Bloomberg. Banks in Ghana are staring at losses after the government restructured GH¢83 billion ($6.8 billion) of local debt as part of a move to nalise a $3 billion bailout from the International Monetary Fund. Standard Bank on Thursday

said its total holdings of both domestic and onshore dollar-denominated bonds was about 2.6 billion rand.

“We believe that the pain that we have taken in Ghana is exquisite,” Mr Tshabalala told Bloomberg. He added that: “The numbers are very large, but we have a portfolio, and the portfolio is calculated to do that. Notwithstanding the

negotiation process, as you can expect, because they have a public policy role to play,” the CEO said. The government has “extracted what they consider to be the appropriate bargain, which while appropriate from a policymaker and a government point of view, it’s been painful for holders of that debt.” What others did

Saudi st ate - owned oil giant Aramco

The Tarkwa Mine is held by Gold Fields Ghana, in which Gold Fields currently owns a 90% share and the Government of Ghana (GoG) holds 10%. The Iduapriem Mine is currently 100% owned by AngloGold Ashanti. Both mines are located near the town of Tarkwa in the country’s Western Region.

Saudi oil giant Aramc o has an$161 1bn (£134bn) for 2 022, helped by soa r ing energy pr ice s and big ger volum e s

The Parties have agreed in principle on the key terms of the Proposed Joint Venture.

Gulf St ate s Institute in Washing-cult for Aramco not to per form st rongly in 2 022 ” -

It repre sents a 46 5% r i se for the st ate - owned compa ny, compared with last ye ar

ReZultz sponsorsAdvertising free health screening for Kanda residents

shocking for a comp any to $161bn in a sing le ye ar through the sale of fossil fuel – the single lar ge st dr iver of the climate c r i si s”

the inc re ase in energy pr ice s re sulting from Russia s war of ag gre ssion against Uk raine ”

Saudi Arabia i s the lar ge st producer in the oil c ar tel

energy pr ice s spi ked followin g Russia’s full- sc ale invasion of Ukraine in Febru ar y 2 022

Amer ic a’s ExxonMobil made $55 7bn, and Br it ain’s Shell repor ted $3 9 9bn

The Parties have commenced with preliminary, high-level and constructive engagements with senior government o cials in Ghana and will continue engaging with the GoG, relevant regulators and other key stakeholders, with a view to implementing the Proposed Joint Venture as soon as practically possible.

Aramco also decla red a dividend of $19 5 billio n for the October to December qu ar ter of qu ar ter of thi s ye ar Most of that dividend amount

sults were “underpinned by st ronger c rude oi l pr ice s, higher volum e s sold and improduc ts”

On 16th March 2023, Decathlon Ghana, Kawukudi was abuzz with excitement as the community of Kanda came out in large numbers for the 'Love Brewed in Kanda' health screening initiative.

She added: It i s all the more shocking bec ause thi s surplus was amassed dur ing a global cost - of-living c r i si s and aid ed by

Opec (Organi z ation of the Pet roleum Expor ting C ount r ie s)

But the Gulf kingdom has been condemn ed for a ran ge

of human r ights abus e s: its involvement in the Yemen, the murder in 2 018 of journali st Jamal Khasho g gi, for jai ling di ssidents, and for wid espre ad use of c api t al puni shmen t

Aramco s pre sident and CEO

Amin Nasser said: “Given that we anti c ipate oil and gas wi ll remain e ssentia l for the fore seeable future, the r i sks of unde rinve st ment in our indust r y are re al – including con t r ibuting to higher ener gy p r ice s

The event was organized by ReZul tz Advertising, an award-winning

To addre ss those challen ge s, he said, the compa ny would not only focus on expandin g oil, gas

Government has commenced payments of outstanding coupons to individual bondholders who failed to participate in the Domestic Debt Exchange programme.

mencement of payments, it is important to note that the failure to be de nite about a payment schedule or a noti cation date for outstanding payments does not augur well for the rebuilding of con dence in the nancial market.

“We, therefore, call on the Ministry of Finance to advise its exact payment plans within a week of this rst payment. We owe it to the credibility of Ghana’s nancial market and future generations to rebuild and sustain a credible and buoyant nancial market, at least, in respect of information and transpar-

required of issuers per the Securities Industry Act, 2016 (Act 929), SEC

“We further call on the Securities and Exchange Commission (SEC) and the Ghana Stock Exchange (GSE) to rise above partisan politics and exercise their roles responsibly as ing credible institutions remains critical for the development of our country.

“In this regard, we expect profes sional leadership from these two in stitutions in protecting investors and ensuring responsible and compliant conduct of issuers including the Government of Ghana and the Minis try of Finance.

“We humbly urge the Ministry of Fi nance to review its communication management and reposition it for proactive engagement with credi tors as is professionally expected. We remain committed to cooperat ing with the Ministry of Finance to address challenges as they may

Standard Bank to re-capitalise Stanbic Bank

market share and capitalise on growth opportunities when they arise, it said.

“We’ve made a commitment to cooperate with policymakers to have the appropriate solutions, and we stand by our Ghanaian business,

and we take a long-term view, we will look through the volatility,”

Tshabalala said.

Beyond Ghana, the lender remains concerned by the sovereign debt levels in African countries, such as Kenya, Malawi and Nigeria.

The bank said it will be “calibrating” its risk appetite to accommodate for any looming threats.

“In each case, debt-to-gross domestic product is too high, which illustrates that at some point, the countries are going to struggle to meet their obligations as they fall due, which will give rise to the

need for them to restructure,” Mr Tshabalala said.

Record performance

Standard Bank’s headline earnings surged 37 per cent to a record 34.25 billion rand for the year ending in December, beating forecasts. Green loans stood at 54 billion rand

and the book is expected to grow to as much as 300 billion rand by 2026, Corporate & Investment Banking unit CEO Kenny Fihla said in a separate investor brie ng. Standard Bank declared a nal dividend of 6.91 rand per share, a payout ratio of 60 per cent.

IMF bailout may happen in June, Ato Forson predicts

past six years have used the un precedented level of resources which have been made available to them on consumption.

By Kestér Kenn Klomegâh

“Once again, the President said in his statement that his government have spent most of the resources which they have received on

Mr. Speaker, this could not be any further away from the truth. it can be seen that overall only 1.3% of all the resources received by the government have been allocated to

As a whole, from [table 6] only 6.5% of the resources received by the President from 2017 to 2022 have gone into capital expendi-

He disclosed that a whopping 93.5% of all the resource envelope which have given by Ghanaians to this President have gone into consumption expenditure, remarking

that no wonder the country has seen a very sluggish economic growth.

Further, he revealed that the NPP government have borrowed GH 455.7billion (US$68.42billion) from all sources and channeled it into unproductive wasteful spending.

Currently, the minority says the country’s debt stock stands at GH 575.5billion as at November 2022 which is about 103% of our GDP. This amount excludes the Sinohydro Debt, ESLA Bonds, Cocoa Bills and many more.

“There has been a tacit policy of one problem, one bond by the nance minister.

While we are su ering collectively as

a result of this government’s reckless borrowing, the Finance Minister has personally bene ted from our misery by way of transaction fees on our bond issuance his company earns.”

Ghana is now working to restructure about $30 billion of public debt, which reached an estimated 105% of gross domestic product in 2022, according to the IMF.

The country is on track to present its request for the $3 billion loan program to the IMF’s executive board by the end of March, said President Akufo-Addo. Ghana, which secured an IMF sta -level agreement in December, is also putting in place scal adjustments and structural reforms.

ReZultz Advertising sponsors free health screening for Kanda residents

On 16th March 2023, Decathlon Ghana, Kawukudi was abuzz with excitement as the community of Kanda came out in large numbers for the 'Love Brewed in Kanda' health screening initiative.

The event was organized by ReZultz Advertising, an award-winning strategic and creative marketing communi-

cations agency, that is situated in Kanda for the past 11 years.

The goal of the initiative was to encourage preventative healthcare among the residents of Kanda and Emmanuel Eye Clinic partnered with ReZultz Advertising to make this event a success.

Love Brewed in Kanda o ered

the residents of Kanda an opportunity to get their health checked by medical professionals.

The screening covered a range of medical tests, including blood pressure, blood sugar, eye, and hepatitis B tests among others.

Additionally, medical profes-

sionals from Emmanuel Eye Medical Centre were available to o er health education and advice to the community mebers.

In an interview with the media, Justin Antwi-Darkwah, the Chief Operating O cer of ReZultz Advertising, emphasized the importance of giving back to the community that has supported the business for the past 11 years.

"We recognize the need to show support to the community that has shown us love all these years.

"As a responsible corporate entity, we have a duty to contribute positively to the welfare of the people we serve," said Mr. Antwi-Darkwah.

The event was a massive success, and it would not have been possible without the support of the Kanda community.

Love Brewed in Kanda was the company's way of ful lling its corporate social responsibility.

The event was graced by the representative of the assembly man, Mr. Adamu Abdul, who commended ReZultz Advertising for the initiative.

He urged other businesses to follow in the footsteps of ReZultz Advertising and give back to the community that supports the Love Brewed in Kanda was not only about health screening. The event was also a platform for community members to interact with one another and have fun. There were several activities that community members could participate in, including games, music, and dancing.

The Love Brewed in Kanda initiative was particularly important because preventative healthcare is often neglected in many communities, especially those that lack access to quality healthcare services. Overall, the Love Brewed in Kanda event served as an excellent example of how corporate social responsibility can positively impact a community.

By providing access to preventative healthcare and education. ReZultz advertising and Emmanuel Eye Clinic demonstrated their commitment to the health and well-being of the Kanda community.

Majority Leader wants parliament to check fiscal discipline amid rising debt

growth of 6.7%, that is more than 200% better.

Under President Mahama, industry grew at 1.1% in 2014; 1.2% in 2015; 4.3% in 2016. The average rate of growth for industry in the last 3 years of President Mahama was 2.2%. Under Akufo Addo in 2017, industry grew at 15.6%; in 2018 it grew at 10.5%. In 2019 it grew at 6.4%. The average industrial growth for the rst 3 years under Akufo Addo was 10.8%. This compares to the 2.2% under John Dramani Mahama.

The debt stock of the NDC calculated year-on-year in dollar terms, he said was about $47 billion. Year-on-year what the NPP has added is in the regionof $32billion.”In Cedi terms the debt stock appears insurmountable but we must workour way out, together. And that is why we have had to go back to the IMF.”

“our currencyhas been bu eted, our in ation rate has been very high and, for the rst time in our lives, debt exchanges have become the language of everyday conversation”.

ysis.”

“The NDPC which exists to create a long-term development plan is not properly situated. Until we put the proper mechanism in place, what is happening today may repeat itself.

We need scal discipline. The otherwise central role of NDPC which remains unful lled is one of the reasons why many are calling for a holistic review of the Constitution,” he added.

He also justi ed the government’s decision to seek a US$3bn funding from IMF, contending that “No country engages the IMF if the country is not a icted by economic challenges.

Have we been reckless in borrowing and expenditure? The records

do not lead to that conclusion.

Could we have done better?

Upon hindsight it may appear we over exaggerated our strength in a few areas. Notwithstanding, there is empirical evidence to show that this government has not underperformed. In sharp contrast with its immediate predecessor administration the government has done enormously well, notwithstanding the current hiccups.”

Drawing sectorial comparisons, he indicated that in the area of agriculture, for the last 3 years of the NDC regime agriculture growth averaged 2.0 whereas for NPP’s tenure over the past 3 years the average, if we include the provisional gure for 2022 of 4.9%, takes it to an average

Further, he disclosed that the rate of economic growth has more than doubled from the average2.8% growth that President Mahama bequeathed to his success or administration.

He also stated that in spite of the COVID-19 and Russian-Ukrainian con ict, the country remains self-su cient in the staples of cassava, plantain. “We no longer import them from Cote d’lvoire. We have not imported maize for human consumption over the past 3 years. Rather, neighbouring countries have been buying these, especially maize, yam and rice from Ghana.

We cleaned up the banking sector and saved depositors from the mismanagement of some deposit-taking houses which really should not have been given licences to operate as banks.”

Parliament is required to partner government to hasten the negotiations with the IMF after achieving the Sta Level Agreements in December 2022, by passing the remaining nancial bills of the Income Tax (Amendment) Bill, Excise Duty (Amendment) Bill, Excise Stamp (Amendment) Bill and the Growthand Sustainability Levy Bill. The passage of these Bills would sanctify the country before the IMF Board and at the same time rev up our domesticrevenue mobilisation e orts, the Majority Leader noted.

Economy stabilised

For the majority leader, the President at the very outset admitted that any honest assessment of our country’s situation would necessarily involve the “gravity of theeconomic situation of our country, and how we can quickly stabilise the economy, and work our way back to the period of rapid economic growth”.

Continuing, the President did not mince words, when he stated:

“That is brutal frankness. A lot of critics have jumped onto the bandwagon to blame the current administration for where we are today and it is the reason why the President stated, Mr. Speaker, when we make an assessment of what the Stateof theNation is, it would necessarily have to include what state it was inyesterday, the State it is in today, and what state it would be in tomorrow, basedonreasonable grounds of expectations”

The economy, it goes without saying that next elections would not only be fought on th estateof the economy today, no thanks to the rampaging e ect of the Corona-Virusand the Russian-Ukrainian imbroglio, but also on the management of theeconomy. In this, the track record of the two parties is crystal clear to all who have eyes to see and ears to hear, except persons whose stock-in-trade is propaganda.”he added.

President Akufo-Addo listed agriculture, health, education, roads, tourism, and digitization initiatives as areas that bene tted from funds borrowed under his administration.

Gold Fields, AngloGold to create Africa’s largest gold mine

mines for the long-term bene t of all shareholders and stakeholders.

Martin Preece, Interim CEO Gold Fields:

The Parties have agreed to mutual exclusivity during this engagement.

It is intended that the Proposed Joint Venture will be an incorporated joint venture, constituted within Gold Fields Ghana and operated by Gold Fields. AngloGold Ashanti will contribute its 100% interest in Iduapriem to Gold Fields Ghana in return for a shareholding in that company.

The Parties do not anticipate that any material, additional capital injection will be required by either company to establish the Proposed Joint Venture and is expected to materially improve its capital intensity once operational.

Excluding the interest to be held by the GoG, Gold Fields will have an interest of 66.7%, or two-thirds, and AngloGold Ashanti will have an interest of 33.3%, or one-third, in the Proposed Joint Venture.

The Proposed Joint Venture would create the largest gold mine in Africa and one of the largest in the world. It will be a high-quality operation, supported by a substantial mineral endowment and an initial life spanning almost two decades. Operational synergies will be achieved by optimising mining of the combined ore bodies and consolidating the infrastructure of the immediately adjacent

“The Proposed Joint Venture is an exciting opportunity to combine mining operations that are essentially part of the same mineral deposit and is something that Gold Fields and AngloGold Ashanti have discussed many times before over the years. The ability to optimise mining and the use of shared infrastructure across the combined operation will result in signicant exibility in mine planning, materially enhancing the economics of the mine and ensuring quality and scale of operation that will be world class. That unlocked value will underpin the Proposed Joint Venture’s continued contribution to our host communities and Ghana for decades to come. For Gold Fields, it will also signi cantly enhance the overall quality of our portfolio.”

Alberto Calderon, CEO AngloGold Ashanti:

“This combination puts together two parts of the same world-class ore body, allowing us to share skills and infrastructure to signicantly enhance every aspect of this mining operation, from ex-

ploration and planning, to mining and processing. By creating one of the world’s largest open-pit gold operations, in a pre-eminent mining jurisdiction, we will create longer-term value not only for AngloGold Ashanti and Gold Fields, but for the combined stakeholders in our local host communities and for all of Ghana.”

Bene ts of the Proposed Joint Venture include:

• Estimated life of at least 18 years, which could increase through an extension and optimisation plan, which will be considered under the Proposed Joint Venture over the next three years, and which could also enhance envisaged production and cost parameters.

• Estimated average annual production (100% basis) of almost 900koz over the rst ve years and average annual production in excess of 600koz over the estimated life of operation.

• Estimated all in sustaining cost (in 2023 terms) of less than US$1,000/oz over the rst ve years and less than US$1,200/oz over the estimated life of operation.

• It is expected that the Ore Reserves for the Proposed Joint Venture will exceed the sum of the Ore Reserves for the stand-alone operations due to the anticipated opera-

tional synergies, and the declaration of additional Mineral Resources and Ore Reserves as a result.

Key principles of the Proposed Joint Venture:

• Gold Fields and AngloGold Ashanti have collaborated across a broad and comprehensive range of work streams to formulate the indicative base case for the combination, which underpins the estimates above. Additional, detailed work will now be undertaken to develop the optimised initial operating plan which will apply from commencement of the Proposed Joint Venture.

• Gold Fields and AngloGold Ashanti have agreed the governance principles of the Proposed Joint Venture, including their respective representation in management committees for the Proposed Joint Venture and the board of Gold Fields Ghana. As operator of Gold Fields Ghana, Gold Fields will receive a management and technical fee determined on an arms-length basis.

• Implementation is subject to reaching agreement with the GoG regarding the Proposed Joint Venture, conclusion of con rmatory due diligence and de nitive transaction agreements, and securing all requisite regulatory approvals. Subject to satisfaction of these conditions, the Parties intend to implement the Proposed Joint Venture as soon as practically possible.

Dr. Victor Antwi, Chief of Party, MFA (middle) and others at exhibition stand

CalBank, AMPATH donate to Cape Coast Teaching & Takoradi Hospitals

CalBank PLC together with AMPATH donates to the Cape Coast Teaching & Takoradi (Euro pean) Hospitals.

The Bank’s donations come as a much-needed relief to the hospi tals in the two regions.

Speaking on the occasion, the Marketing Head of CalBank, Mr. Ko Siabi remarked that, CalBank is committed to making a positive impact on the communities it serves and is proud to support these two important hospitals in their e orts to provide exception al medical care.

“We are honored to support the sel ess medical professionals who are on the frontlines of providing quality healthcare to patients in the regions. Our contribution of medical supplies is a small gesture of our gratitude for their tireless e orts,” he said.

AngloGold announces 257.60 South African cents per share to shareholders

AngloGold Ashanti (AGA) has announced the payment a dividend of 257.60 South African cents for the nancial year ended December 31, 2022.

The dividend, according to the company, will be converted on Tuesday, March 14, 2023.

The nal dividend is however expected to be paid on Friday March 31, 2023.

To this end, all shareholders registered in the books of AGA at the close of business on Friday, March 17, 2023, will qualify for the nal dividend.

Africa must lead the charge on tackling poverty

Africa must lead the charge in mobilizing domestic resources to recover from multiple economic and social crises which have deepened poverty and widened inequality on the continent, Acting Executive Secretary of the Economic Commission for Africa, Antonio Pedro, has urged, warning that Africa risks missing the Sustainable Development Goals.

“Africa currently leads in global poverty,” Mr. Pedro told participants at the 41st meeting of the Committee of Experts that kicked o today, ahead of next week’s Conference of African Ministers of Finance, Planning and Economic Development Addis Ababa, Ethiopia.

Mr. Pedro cautioned that without bold nancial and climate action, Africa will be locked into a poverty trap. With more than half of the world’s poor – 54.8 per cent in 2022 being in Africa, the continent had overtaken South Asia with 37.6 percent, while the COVID-19 outbreak had pushed 62 million people into poverty in just one year, with an additional 18 million estimated to have joined their ranks by the end of 2022.

As many as 149 million non-poor remain at high risk of falling into poverty, Mr. Pedro said, further elaborating that 695 million people in Africa were either poor or face the risk of falling into poverty.

“Women and girls remain particularly vulnerable, and we are facing a potential reversal of the hard-won gains made on gender equity,” said Mr. Perdo, adding that, “Africa cannot just stay the course and hope that it gets better. It must lead the charge.”

The challenges are not insurmountable if Africa can implement systemic change and build resilient and sustainable systems, shifting away from a primary focus on e ciency that has dominated past decades.

Mr. Pedro said investments in sustainable building up capital in critical assets – including human, infrastructure, and natural resources - were needed to provide an environment that can facilitate achieving the ambitions of the 2030 Agenda and Agenda 2063. Therefore, governments must

design strategies that simultaneously integrate economic, social and environmental objectives, he noted. “First, we need to nance our development, " Mr. Perdo urged, emphasizing that getting the macroeconomic fundamentals right can unlock the potential of home-grown solutions.

Nonetheless, he said, Africa still needs a fairer and more just global nancial architecture that responds to its needs, bemoaning that many countries currently cannot access international nancial markets because of rising interest rates and unworkable existing debt relief mechanisms.

He noted that Africa must aggressively pursue sustainable industrialization and economic diversi cation to transform its natural resources into tangible bene ts for its people. The battery and electric value chain development was a case in point.

“Put simply, our wealth in natural resources must work for the majority, not the few. To get to this point, we must be in-

In view of the foregoing, the mining giant stated in a circular that the ex-dividend date has been set as Wednesday, March 15, 2023.

Consequently, an investor purchasing AGA shares before the date will be entitled to the nal dividend.

However, an investor buying AGA shares on or after Wednesday, March 15, 2023 will not be entitled to the nal dividend.

AngloGold recorded gold production of 2.742 million

ounces in the year through De cember 31, 2022. This was an 11% improvement versus gold production of 2.472 million ounces in 2021.

The operational result was un derpinned by solid perfor mances across most of the portfolio, with the Obuasi gold mine in Ghana meeting target ed production of 250,000 ounces as it continues on the ramp-up path to its full pro duction run-rate in excess of 400,000o ounces, which is ex pected by the end of 2024.

tentional in our approach, said Mr. Pedro, citing that the African Continental Free Trade Area (AfCFTA) can increase intra-Africa trade.

“We must take center stage on climate action. While we cannot overlook the fact that we are disproportionately su ering on impact and nancing alike, we have signi cant opportunities to rebalance the scales on climate nance,” he said.

Africa rainforests and the development of its carbon markets, for instance, could unleash an estimated $82 billion a year in value at $120 per ton of CO2 sequestered and create 167 million additional jobs.

In opening remarks at the conference, Nemera Gebeyehu Mamo, State Minister for Planning and Development of the Government of the Federal Democratic Republic of Ethiopia, emphasized that Africa must accelerate changes needed for its economic recovery.

“Poverty is Africa’s most pressing challenge,” Mr.

Mamo told participants, remarking that Africa should advocate for nancial changes to aid recovery.

“Climate action is impossible without nance,” stressed Mr. Mamo, noting that leveraging climate change nancing can help tackle poverty in Africa. Africa’s growing poverty is linked to the worsening economic and nancial conditions it has experienced, Mahamodou Bamba Diop, Director General of Planning and Economic Policies of the Republic of Senegal and Outgoing Chair of the Bureau of the Committee of Experts, said in an overview of the situation in Africa.

Mr. Diop noted that Africa’s economic growth had slowed over the past year due to the combined e ects of COVID pandemic, the Ukraine war, global economic slowdown and climate change.

“We need to build a resilient Africa,” Mr. Diop urged, highlighting the need to reform the current nancial architecture, develop e ective data and statistical systems and tackle the impact of climate change.

Tullow holds workshop on Crane & Forklift Services for over 85

Tullow Ghana held the rst in a series of webinar workshops for 2023 on Crane & Forklift Services and Well Drilling Tools on 14 March 2023, in collaboration with the Petroleum Commission (PC) under the Tullow Ghana / PC Business Academy PartnerDirector for Local Content at the PC, Mr. Kweku Boateng, commended Tullow Ghana for its support and urged the over 85 participants to take advantage of the session to understand all requirements needed for participation in the bidding for Crane, Forklift and Well Drilling service

Tullow Oil's Head of Supply Chain, Atul Sahay, emphasised that the development of local capacity remains an important component of Tullow's strategy and has been an instructive means for Tullow to consistently increase and sustain local participation in all of its operations.

He deemed the workshop exceptional due to its cross-functional approach and wished the participants and presenters a good discussion. Participants' feedback indicated that expectations for upcoming tenders were e ectively outlined, understood, and appreciated

India and Ghana celebrate seven decades of partnership

gional Integration; Togbe Afede XIV, Agbogbome a of Asogli State; Mr Sam Okudzeto, a Member of the Council of State, and Mr Carlos Ahenkorah, MP for Tema West among other dignitaries.

India opened its representative o ce in Accra in 1953, prior to Ghana’s independence and established full- edged diplomatic relations with Ghana in 1957, immediately after it attained independence.

Addressing the gathering at Friday night’s ceremony, Mr Sugandh Rajaram, India’s High Commissioner to Ghana, said the purpose of the celebration was to mark the “spirit of India-Ghana relationship” and celebrate “the strong bond of love and friendship”.

“The bedrock of our relationship is the oneness of our people and our culture; that is what is at the heart of the celebration of our partnership,” he said, adding: “Economic relations is our bedrock but we want to scale it up to new heights”.

Mr Rajaram said India and Ghana had enjoyed intense bilateral relations for decades – more than any other country that India shared a strong bond of cooperation with.

He said India had been supporting Ghana’s development by providing assistance in developmental projects through provision of Lines of Credit (LoC) and grants.

“In the last two decades we have extended more than half a billion dollars of Concessional Credit to Ghana for development projects and another half a billion dollar for new projects for critical infrastructure,” he said.

Mr Rajaram said India had entered the critical phase of its development trajectory in the next 25 years and that the country would focus on small and medium enterprises and leverage their skills to transform agriculture.

Mr Ampratwum-Sarpong expressed profound gratitude to India for the support extended to Ghana in the last decades and pledged the readiness of Ghana to continuously work with India to advance the development of both countries.

“The support from the Government of India to Ghana is indeed a testament of the fruitful partnership between the two countries, which is worth celebrating,” he said.

Africa needs to deepen its regional integration to see economic benefits, ECA report

African countries have made commendable progress in implementing the regional integration agenda and promoting intra-regional trade, but more work is needed to accelerate the African Continental Free Trade Agreement (AfCFTA) and the rati cation of the Protocol on the Free Movement of Persons, Right of Residence and Right of Establishment.

This was said by Stephen Karingi, the Director, Regional Integration and Trade Division, in his presentation on the Assessment of progress on regional integration in Africa.

The report, which is based on monitoring frameworks and tools, including the indicators developed by the ECA, the African Union Commission and the African Development Bank was presented to experts meeting ahead of the 20-21 March ministerial segment of the Conference of African Ministers of Finance, Planning and Economic Development

taking place in Addis Ababa, Ethiopia.

Member states will need to address integration challenges, which include inadequate nancial resources; poor infrastructure networks; increasing violence, terrorism and political instability.

Furthermore, the integration agenda is experiencing slow implementation of policies and agreements.

For instance, the Protocol on the Free Movement of Persons, Right of Residence and Right of Establishment, needs rati cation because, “It is the bedrock of deepening integration as it interacts with the ability to move goods and services and help to optimise the AfCFTA,” stressed Karingi.

“Collective e orts are required from all member States, regional economic communities, key partners and stakeholders to realize the economic bene ts of integration and the Afri-

can Continental Free Trade Area,” he said.

Macroeconomic integration

According to Karingi, to support member States in their formulation and implementation of economic policy and enhance macroeconomic integration, ECA has developed a prototype macroeconomic model and provided support and training in 15 countries. On the scal side, ECA supported taxation policy reform and revenue collection in Ethiopia, Kenya, Tanzania and Zambia.

Infrastructure and energy sectors

Africa remains constrained by huge infrastructure gaps, with an estimated annual nancing need of between $130 billion and $170 billion, and an annual nancing gap of between $68 billion and $108 billion. But improvements were reported in access to information and communications technology constituting an

important driver of the African infrastructure development index.

Digitalization in Africa was further accelerated by the pandemic, creating greater potential for trade and business growth.

“The COVID-19 pandemic and the war in the Ukraine have however, worsened public de cits and the debt burden, which have reduced infrastructural investment in Africa,” said Karingi.

Energy price increases, exacerbated by the war in Ukraine, has put a strain on African countries, in particular on those that are net energy importers. Africa’s energy demand is mainly driven by Nigeria, South Africa and North African countries.

Participants from Burkina Faso, Chad, Tanzania, Cote d’Ivoire, Tanzania, raised concerns about the worsening insecurity, poor infrastructure, high cost of communication across the borders that are hindering the integration process.

Antonio Pedro, ECA Acting Executive Secretary said collaborative ef-

forts, including the United Nations, the African Union, and regional economic communities, have continued to be deployed to respond to threats to peace and security, to participate in the management and resolution of conict, and to stem the tide of terrorism and coups on the continent, albeit with mixed results.

In West Africa and the broader Sahel area, he said ECA through its West African o ce in partnership with the African Union, ECOWAS and other key players continue to ght the spread of violence, terrorism and drug tra cking while showcasing the opportunities available in the region.

“To foster regional integration on the continent, ECA will continue to prioritize the support that it provides to member States, regional economic communities, the African Union Commission and the secretariat of the African Continental Free Trade Area towards the implementation of the free trade area,” said Pedro.

after Russia’s invasion, and June “Aramco rode the wave of high energy pr ice s in 2 022,” said Rober t Mo gielnicki of the A rab

32%

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

Down 18%

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.

m o o n n tth h s s h h iit t ¢ ¢ 4 4 4 1 1 6b n n Bon d m m arrk k e ett d d e e c clli i n n e e s b b y y a b b ou u

Down Down 99%

iin n m m a arrk k e ett ttu u rrn n o o v v e err iin n tth h e e m m o o n n tth h o off F F e e brr u u a arry y

94%

T T--b b iil lll s s:: g g o ve errn n me e n n tt p p u s s h e e s iin n v v e e s stto orrs s tto o b b iid d b b e ello o w w 3

%

Shilling strengthens as Uganda resists rate rise

Foreign Exchange Down

The Shilling strengthened against the dollar, trading at 3674 from 3684 at last week’s close. Uganda’s central bank kept its benchmark interest rate on hold at 10% for a second consecutive monetary policy meeting. The bank last raised by 100 basis points in October, with rates ending the year 350 basis points higher than they were at the start of 2022. Policymakers said the decision to hold rates was aimed at containing domestic demand pressure and supporting edging up to 10.4% last month. In the near term, we expect the Shilling to weaken amid continued food and energy price 4.8%

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.

11.7%

Rotary Club of Accra-West congratulates Dr. Leticia Adelaide Appiah

President Nana Addo Dankwa

Akufo-Addo presided over the 2023 National Honours and Awards Ceremony which came o on Tuesday March 14, 2023, at the Accra International Conference Center (AICC).

The National Awards are presented to persons who have made immense and recognized contributions to key sectors such as civil service, military, education, public health, agriculture, commerce and industry, the judiciary, scienti c and other research, sports, culture & arts and the nancial sector.

Dr. Leticia Adelaide Appiah, Ex-

ecutive Director of the National Population Council who is also a member of the Rotary Club of Accra-West, was awarded “ORDER OF THE VOLTA (COMPANION)” in recognition of her sel essness, hard work and outstanding contributions as a member of the National Covid-19 Task Force. She is a Medical Doctor and a Public Health Specialist with over 25 years of experience. The Board and members of Rotary Club of Accra-West extend a hearty congratulation to their fellow Rotarian,

Dr. Leticia, following this con ferment of a state honour by His Excellency Nana Addo Dankwa Akufo-Addo at this year’s National Honours and Awards Ceremony.

She was inducted into the Rotary Club of Accra-West in 2019 and was loaned the classi cation Public Health. She has diligently served the Club as Assistant Treasurer in the 2019/20 Rotary year and currently serves as the Club’s Honorary Secretary.

Beyond the club she serves as the Medical Sub Committee Chair of the Host Organizing

Committee for the forthcom ing Rotary International District (RID) 9102 Training Assembly and Conference which will come o in mid-April and which will host Rotarians from Ghana, Togo, Benin, Niger (which form RID 9102) as well Rotarians from other Districts across the globe.

Rotary International is a humanitarian organization where neighbors, friends, and problem-solvers share ideas, join leaders, and take action to create lasting change. The Rotary club of Accra West was chartered on

February 5, 1969, with 22 charter members. Fifty-four years on, and now with a membership of 52. The Club has produced several distinguished Rotary leaders and executed several service projects across the length and breadth of the country. Some recently completed projects of the club include the provision of 8 mechanized borewells and a 16-seater toilet facility to communities in the Akwapem North, Kpone Katamanso and Kwabibirem Districts, carried out with the support of the Rotary Foundation and the Rotary Club of Dallas, USA.