Investment Times Newspaper 2023 Edition | Issue 18

Vodafone supports customers with free calls to Turkey and Syria

‘Ghana’s Climate Prosperity Plan will power faster economic recovery’

Government announces principal amounts for new bonds

Senegalese President Macky Sall changes narratives on development priorities for Africa

By Kestér Kenn Klomegâh

As Rotating Chairman of the African Union and the President of Senegal, Macky Sall, has excelled in speaking up on many development priorities for Africa. His complete understanding began during his childhood as he grew up in a family of politicians and ultimately continues pursuing political career.

Without doubts, he made “The Path of Real Development” political

slogan during his campaign for presidency. He campaigned across the country, without cutting o ties with the “23 Juin” (M23) opposition movement, rather telling them the importance of achieving development through unity. President Sall was awarded the 2020 Sunhak Peace Prize for successfully shortening the presidential term from seven to ve years and reviving the economy through transparent policies.

Dr. Emmanuel Owusu-Sekyere joins ACET as Director of Research

Acting Executive Secretary of the Economic Commission for Africa (ECA), Antonio Pedro, has urged African nations to accelerate implementation of the African Continental Free Trade Area (AfCFTA) in order to become more resilient and globally competitive.

Since his appointment as Chairman of the African Union, Macky Sall has a wider platform to drum home “unity in diversity” across the Africa and beyond. On international platforms, he fearlessly tells the African story including the key priorities, the challenges and the future. His message for African leaders is “with one collective voice” rally for the continent’s sustainable development, sharpen external partners’ un-

derstanding Africa’s priorities and also its role in the emerging multipolar world.

As African Union Chairman, Macky Sall was invited to the United Nations General Assembly last September. During his address to the gathering, Macky Sall was not shy about speaking up for Africa. The gist of his message? There is absolutely no excuse for failing to ensure consistent African rep-

By Eugene Davies

The chairman of Environment, Science and Technology Committee, Dr. Emmanuel Marfo has stated that the country is developing its climate prosperity plans (CPP) aimed at emboldening growth despite an increasingly climate insecure world.

He also disclosed that the CPPs are a roadmap to attract foreign investment in Ghana’s economy to boost economic growth and employment, while also accelerating climate adaptation and bringing down the country’s greenhouse gas emissions as it transitions towards net negative emissions.

According to Dr.Marfo, the plans are expected to be ready by next year, sometime in May, which will ensure faster economic recovery and achieve net-negative carbon emissions.

The Climate Prosperity Plans Pro-

GRA’s petroleum downstream unit, SML Ghana collaboration helping GRA in revenue assurance

“Only through an accelerated and effective implementation of the AfCFTA can Africa build su cient shock absorbers to build resilience,” said Mr Pedro in his remarks at the 42nd Ordinary Session of the African Union Executive Council meeting in Addis Ababa on February 15, 2023.

The Global Chamber of Business Leaders (GCBL) is proud to announce that Hazel Herrington has been awarded the presti-

gious Chairman's Award in recognition of her exceptional contributions to the world of business and leadership. 4

The collaboration between the downstream petroleum unit of the Ghana Revenue Authority (GRA) Customs Division and Strategic Mobilisation Ghana Limited (SML), a revenue and assurance audit rm, is helping the GRA meet and exceed its annual targets. This came to light when SML Ghana recently held a stakeholder engagement with the leadership of the downstream petroleum unit of the Ghana Revenue Authority (GRA) Customs Division in Tema to discuss new initiatives and solicit opinions on how both sides can improve the successes chalked and further improve the country’s revenues. This meeting

forms part of regular stakeholder engagements. The GRA, last year, mobilised GH¢75.5 billion domestic revenue, which is GH¢3.60 billion more than it was tasked to collect. The collection was a ve percent increase over last year’s target of GH¢71.94 billion. The feat also meant the domestic revenue the GRA mobilised was 31.5 percent more than what was collected in 2021. The Customs Division, which includes the petroleum downstream sector, collected GH¢22.26 billion, as against a target of GH¢20.20 billion, also exceeding the target by GH¢2.06 billion.

The stakeholder engagement

brought together the various Customs heads in charge of downstream petroleum depots across the country's 16 regions. SML Ghana took the Customs o cials through the latest technologies such as scanning of way

Hazel Herrington receives Chairman's Award from the Global Chamber of Business Leaders

Hazel Herrington receives Chairman's Award from the Global Chamber of Business Leaders

Government announces principal amounts for new bonds

The Ministry of Finance in anticipation of settlement of the Domestic Debt Exchange Programme (DDEP) has announced the aggregate principal amount for new bonds.

“New Bonds will be credited to the holder’s securities account at the Central Securities Depository (CSD) from, which their Eligible Bonds were tendered,” the ministry said.

The ministry indicated that Category A bonds with maturity in 2027 and 2028 would have a principal of GH¢3,055,140,275 while Category B bond with maturity in the same periods would have a principal of GH¢224, 149, 240. New General bonds with maturity in 2027 and 2028 will have a principal of GH¢8,836,977,978, while bonds with maturity in 2029 and 2030 will have a principal of GH¢8,582,293,671.

Bonds under the same category with maturity from 2031 to 2033 will have a principal of GH¢8,024,880,880 while news bonds with maturity from 2034 to 2038 will have a principal of GH¢4,459,301,131.

The nance ministry also said the exchange consideration ratio in respect of eligible bonds tendered by category A and Category B holders, which are due in 2027 and 2028 will be 50 per cent.

Meanwhile, the exchange consideration ratio in respect of eligible 2023 bonds tendered by General Category Holders with due date in 2027 and 2028 is 15 per cent while those due from 2029 to 2033 is 14 per cent.

Eligible post-2023 bonds due in 2027 to 2030 is nine per cent while those due from 2031 to 2038 is eight per cent.

According to the Amended and

stated Exchange Memorandum dated February 3, 2023, Category A Holders consist of Eligible Holders that are Collective Investment Schemes or natural persons below the age of 59 years old as of 31st January 2023.

Category B Holders on the other hand consist of Eligible Holders that are natural persons 59 years old or older as of 31st January 2023.

Meanwhile, General Category Holders consist of Eligible Holders that are not Category A Holders or Category B Holders, which may in clude corporate entities and nan cial institutions not contained within the de nition of Collective Investment Schemes.

Senegalese President Macky Sall changes narratives on development priorities for Africa

resentation in the world’s key decision-making bodies.

“It is time to overcome the reticence and deconstruct the narratives that persist in con ning Africa to the margins of decision-making circles,” said Sall, who is also the President of Senegal. His speech was about the need to give Africa permanent seats at the UN Security Council so, as he put it, “Africa can nally be represented where decisions that a ect 1.4 billion Africans are being taken.”

But that was far from the rst time he has called upon the global community to seek and consider African perspectives. From the beginning of his one-year term as the African Union’s chairman last February, Sall said he wanted to see fair, equitable international partnerships that welcomed African contributions instead of dismissing African priorities.

“Our continent cannot be a eld which is the feast of others,” Sall said during his inaugural speech. He also has spoken up for greater African representation in the G20, which as of yet only has one African member (South Africa). Multilateralism must “serve the interests of all,” Sall argued in October, or it will su er “loss of legitimacy and authority.”

There have been several high praises and admirations for him. In an opinion article, the Executive Chairman of the African Energy Chamber, NJ Ayuk, spoke positively about his tireless work, not only to insist that the global community listens to and respects African issues, but also to build awareness of what those issues are.

Macky Sall has put African needs and priorities – including infrastructure development, greater access to COVID-19 vaccinations, food security, and an end to energy poverty – in front of world leaders ranging from Chinese President Xi Jinping to U.S. President Joe Biden. He has done the same at global events, including the 2022 G20 summit and the COP27 climate conference.

Sall has been particularly outspoken about Africa’s energy needs and the rights of African countries to continue extracting and capitalizing upon their oil and gas resources, even in the face of tremendous global pres-

sure for Africa to make a rapid switch to renewable energy sources. He has rmly stated that, when it comes to the global march toward net zero emissions, Africa will not be in lockstep with the rest of the world at the expense of our countries’ well-being.

“We are in an era when Africa needs erce advocates. Nations and international partnerships are ghting for their respective priorities, and unless African leaders are willing to stand up for what our continent needs, our objectives will be pushed aside. Sall has, indeed, taken a stand,” NJ Ayuk wrote in an opinion article.

Relating to an unwavering voice for a just energy transition, NJ Ayuk said “African energy was not Sall’s only priority as chairman of the African Union, but he did, rightfully, use his platform to expand global awareness of Africa’s unique energy needs in 2022. He pointed out the hypocrisy of wealthy countries that harnessed fossil fuels to industrialize and grow their economies telling developing African countries that the world’s zero-emission goals trumped their right to do the same.”

Macky Sall speaks with authority.

“We will not accept that polluting countries, responsible for the situation of the planet, tell us that we are no longer going to nance fossil fuels,” Sall said in September.

He made similar remarks when he opened the MSGBC Oil, Gas & Power 2022 conference and exhi bition, held Sept. 1-2 this year in Dakar. The MSGBC region compris es Mauritania, Senegal, the Gambia, Guinea-Bissau, and Guin ea-Conakry.

“In this new con guration of the world, energy resources are major assets for Africa. Therefore, we must not accept that our continent is an object of world geopolitics, but an actor, aware of its natural wealth of interests, which acts on the competition instead of su er ing it,” Sall said, adding that made no sense for African countries to stop exploiting their oil and gas re sources while more than 600 mil lion Africans lacked electricity.

According to him, “while remain ing committed to the implementa tion of the Paris Climate Agree ment, we must continue to defend the interests of our countries in the run-up to COP27 next November in Egypt.”

And that’s exactly what happened.

By Kestér Kenn Klomegâh

Sall and other African leaders ercely defended Africa’s energy interests before and during COP27. The result? As multiple news outlets reported, African natural gas took center stage at the conference.

Macky Sall is further described as a strong collaborator. Executive Chairman of the African Energy Chamber, NJ Ayuk, said when he tweeted in November, Africa was fortunate to have Sall at COP27. He understands both sides of the African energy transition debate: the need for Africa to set the timing for its shift to renewables and the world’s need to address climate change.

Sall advocated for ongoing natural gas production in Africa, which allows us to minimize carbon dioxide emissions while providing much-needed gas to generate electricity domestically, build our economies, and move toward industrialization. Sall also has pushed for the international community to help fund the renewable energy infrastructure Africa needs for a just transition and to provide nancial support for African climate adaptation.

Climate adaptation measures have

particularly been a priority for Sall. In his capacity as President of Senegal, he and the CEO of the Global Center on Adaptation (GCA), Patrick Verkooijen, partnered in 2022 to unlock $1 billion in climate nance for Senegal under the Africa Adaptation Accelerator Program (AAAP).

The AAAP, Africa-led and Africa-owned, is working to bolster adaptation in agriculture, digital services, infrastructure, entrepreneurship, and jobs for young people. It was developed by the Global Center on Adaptation (GCA) and the African Development Bank (AfDB) in collaboration with the African Union.

Andrew Takyi-Appiah, Co-Founder and Managing Director of Zeepay

Sall was among the trailblazers to convene the Africa Adaptation Leaders’ Event during COP27. He also co-wrote, with French President Emmanuel Macron and Dutch Prime Minister Mark Rutte, an opinion piece for the Guardian about the AAAP. It emphasized the critical importance of increased funding from developed countries for climate adaptation initiatives in developing countries, particularly those in Africa.

“What we’ve seen is a pragmatic approach from Sall, one that rec-

ognizes the need for Africa to continue harnessing its oil and gas reserves while working diligently to move toward the transition to renewables – and to build climate resiliency into Africa’s economy,” wrote NJ Ayuk.

“When Sall’s one-year term at the helm of the African Union concluded February 2023, many challenges facing Africa will hardly be behind us. Nevertheless, I rmly believe that Sall has been making a vital di erence in his role. Sall has said, loudly and clearly, that African voices will not be silenced. Thanks to Sall, it appears that the global community is starting to hear that message. That is a step in the right direction,” concluded NJ Ayuk, Executive Chairman of the African Energy Chamber based in South Africa.

President of the Republic of Senegal, Macky Sall, has concluded his one-year term as the Chairperson of the African Union for the year 2022. And now, President Azali Assoumani of the Union of Comoros has taken over the rotating Chairperson of the African Union (AU) for 2023 during the 36th Ordinary Session of the Assembly of the Union held February 18 at the AU headquarters in Addis Ababa, Ethiopia.

‘Ghana’s Climate Prosperity Plan will power faster economic recovery’

gram seeks to design actionable investment and implementation pathways toward climate prosperity. It presents an opportunity to unlock new avenues for economic cooperation and innovative nancing centered around ambitious and climate-smart targets.

Ghana’s President is the chair of the Climate Vulnerable Forum (CVF) and Dr. Marfo said “Under the Ghana Presidency, one of the main objectives of this presidency is that by the close of our presidency, Ghana should have a climate prosperity plan just like Bangladesh, so when we are done with that, what it basically means is that our development planning and development projects would be planned in such a way that it would deliver some dividend from positive climate impact.

The presidency is two years, so we ending our presidency next year, I am sure around may, I think properly before that.” he told journalists when the secretariat of the CVF visited mem-

bers of parliament.

He also disclosed that Ghana’s Speaker of Parliament has approved for the climate parliament -Ghana’s MPs for Climate Change to be inaugurated.

CVF meets Parliament

The Secretariat of the CVF visited the country earlier this month and met with the Parliamentary caucus on climate change, with discussions centering on activities of CVF, agenda and programmes for the year, as well as the need to mobilise the voice of parliamentarians for climate action both at the national level, regional and global level, and build capacity of MPs.

The Coordinator of CVF Global Parliamentary Group, Rachel Mundilo indicated that her group met with Ghana’s parliament to ostensibly highlight the strategy of CVF, share their focus as a parliamentary group.

She added that for this year, they are focusing on three areas [accountability, climate nance and

implementation].

“In terms of the strategy, we have carved out certain activity that speaks to those focused areas, one of them being accountability summit, ultimately this is the year of accountability and the UNFCCC processes has identi ed the global stock take as the initiative that will essentially take stock of all countries input and how they meet up with the goals of the Paris Agreement.

The other area we will be speaking at the summit is climate nance -where we are; scaling up and enhancing climate nance, the other point I spoke about is implementation and Ghana is in the process of developing its very own CPP which was launched at COP 27 and it is currently in the process of validation, so key stakeholders are currently validating it.”

Climate Prosperity Plans (CPPs) are national investment strategies that seek to maximize socio-economic outcomes for countries on the frontline of the cli-

mate emergency, through the deployment of maximized domestic renewable energy potential and climate-proo ng of the economy.

Based on a set of government-endorsed targets, the CPPs present a macroeconomic scenario for prosperity, showing how key socio-economic indicators could evolve to 2050 (provided nancing for the

By Eugene Davies

Plan is fully unlocked). The CPPs also itemize programs and projects that will contribute to the realization of the set-out targets, as well as outline nancing options for each project and program. The national legislative and regulatory framework is also analyzed and recommendations are made to facilitate the implementation of the Plan.

GRA’s petroleum downstream unit, SML Ghana collaboration helping GRA in revenue assurance

bills and purchase orders and reconciling them with metre volumes at the depots in real time and introduction of level sensors to monitor, manage, and measure the petroleum stocks.

Christian Tetteh Sottie, Managing Director for SML Ghana, stated that the engagement is to take the o cials through a detailed method on how SML Ghana is leveraging technology to improve the sector and remove any misconceptions while establishing the foundation of both sides as partners.

“We have had this collaboration with the GRA Customs Division since 2020 which comes with regular stakeholder engagements and the team from Customs is really pleased with the work we are doing. The next step is the installation of level sensors on all depot sites which is currently ongoing. This will stop Customs o cials climbing the tanks to manually check the level of stock in the tanks on a daily basis,” he revealed.

Meshach Kwame Danso, Acting Head of Petroleum Unit, Customs Division at Ghana Revenue Authority said the deep collaboration between both parties is a step in the right direction as it

seeks to improve the e ciency and accountability to government.

“We need to know the right gures to help work smoothly. Working closely with SML Ghana has given us room to monitor the petroleum gures so we can report to government accurately.

Thanks to their technology, we are now able to account for every liter of petroleum product. This collaboration is really good for government’s revenue position,” he said.

He called for more training sessions for the leadership and team at the downstream petroleum unit so they can keep up with new trends and information. “They are bringing new ideas on revenue assurance so we are looking forward to more encounters,” he added.

Sampson Anim, Assistant Commissioner, Petroleum Downstream at GRA Customs Division, lauded SML Ghana for its transformative technology to maintain transparency while enhancing the sector and increasing revenues.

“The system is perfect. What we previously had was a very manual system of auditing but this is a digital system

that captures all our lifting from the depots through delivery to the lling stations and whatever destinations the product is supposed to be so we are able to monitor in real-time how much is being loaded at any depot and it grants us the assurance that indeed whatever we have captured for revenue purposes, is accurate. Everybody is moving from manual to electronic and this places us in the midst of technology. And now that we have this electronic system, we are more con dent with the job that we do. And we are con dent that the vol umes that we churn out are the cor rect accurate volumes. So, it gives us the con dence that whatever we have done is correct. And the revenues should be expected is also accurate,” he said.

SML Ghana’s technology impact

Since the introduction of the technol ogy, the average volume per month recorded by SML meters for the white product is 400 million litres which has resulted in an extra revenue of GH¢3 billion for government between June 2020 and June 2022.

The digital measurement project to monitor revenue from downstream petroleum products from depots across the country is a partnership between the Customs Division of the GRA and SML Ghana, a Ghanaian audit and assurance services company, aimed at digitising the measurement

and reporting of petroleum product supplies from over 20 depots across the country.

Known as the Electronic Metering Management System (EMMS), the system digitises the entire process chain by providing an end-to-end audit and assurance to GRA in the

Dr. Emmanuel Owusu-Sekyere joins ACET as Director of Research

Launched in 2019 to establish a unied market of 1.3 billion people and a GDP of around US$ 3.4 trillion, the AfCFTA is poised to become the world’s largest free trade area with 55 member states.

Mr Pedro deplored the fact that the COVID-19 pandemic and the Russia-Ukraine war have caused a state of crisis, pushing 55 million people below the poverty line and exacerbating inequalities.

High global in ation has also led to tighter nancial conditions. Mr Pedro said despite Africa's economic growth of 3.9% in 2023 and 2024, more still needs to be done to compensate for the losses experienced in the past three years.

The Acting Executive Secretary pointed out that by fast-tracking the implementation of the AfCFTA, Africa can

provide solutions to the global challenges of supply chain disruptions, food insecurity, climate change, and migration.

Highlighting that the AfCFTA provides the economy of scale to invest in manufacturing and increased intra-Africa trade, Mr. Pedro said the free trade area would bring supply chains closer to home and inject self-su ciency in essential products such as medicines, food and fertilizers.

“By providing more opportunities for women and the youth, the AfCFTA helps reduce inequality and poverty, and improves inclusion,” he said.

However, Mr Pedro highlighted two challenges that require immediate attention – rati cation and implementation - and appealed to the ten African countries that have not yet rati ed the agreement to do so soon.

Commenting on resource-based industrialization, Mr Pedro said this should focus on value addition, smart operationalisation of local content policies, and tapping into global value chains. He cited the Battery and Electric Vehi cle (BEV) sector as one that could enable the continent to tap into a global value expected to reach US$8.8 trillion in the next three years and US$46 trillion by 2050. The ECA is sup porting BEV value chain with “strong political will from the Democratic Re public of Congo and Zambia,” said `Mr Pedro.

ECA is also partnering with stakehold ers to support the transboundary agro-industry park and special eco nomic zone involving Zambia and Zimbabwe, which could address food security concerns and tap into Africa's food import market valued at about

US$90 billion per year.

Mr Pedro pledged ECA’s continued support and collaboration with the African Union and other stakeholders to

transform Africa into a globally competitive investment destination.

Dr.Emmanuel Marfo -chairman of Parliament’s Environment, Science and Technology committee in a handshake with Rachel Mundilo [Coordinator of CVF Parliamentary Group

Hazel Herrington receives Chairman's Award from the Global Chamber of Business Leaders

Hazel is a board advisor for the GCBL and the founder of Herrington Publications Worldwide, where she has worked tirelessly to help women build powerful personal and corporate brands.

In addition to her impressive accomplishments in the business world, Hazel is also the Australia Global Goodwill Ambassador with the Global Goodwill Ambassadors Foundation, a role that allows her to inspire and empower others to make a positive impact in their communities.

Hazel has also received multiple awards for her outstanding contributions to the business community, and she was recently awarded an Honorary Doctorate in Humanities in recognition of her dedication to empowering women and youth around the world.

Hazel, a Zimbabwean, has inter-

viewed celebrities such as Mel Gibson, Charlie Sheen, Jason Alexander, and musician Jewel Kilcher as a celebrity interviewer.

She is also a global speaker who has shared the stage with some of the world's most renowned business leaders, including George Ross, the former advisor to Donald Trump, Apple co-founder Steve Wozniak, Africa's rst billionaire Patrice Motsepe, Hollywood actor Mark Wahlberg, Michael Douglas, Brooke Shields, and John Travolta.

Hazel's passion for making a difference in the community is evident in her work with prison ministries and feeding programs for the less fortunate.

She nds great ful lment in giving back to those in need and has been instrumental in making a positive impact on the lives of countless individuals.

In her spare time, Hazel enjoys the African wildlife, walking with lions, and embracing elephants in Zimbabwe. Her love for the natural world and dedication to empowering others is an inspiration to us all.

Commenting on the award, Hazel pointed out that she was "deeply committed to supporting and empowering all individuals, including women, youth and men leaders around the world."

She expressed the belief that "by working together, we can create a more inclusive and equitable business environment that recognizes and values the contributions of all individuals, regardless of their background or circumstance."

She wrote on her o cial LinkedIn handle: "As we look to the future, I

am excited to continue working with the Global Chamber of Business Leaders to promote economic growth and development around the world. With a focus on innovation, collaboration and excellence, I am con dent that we can create a brighter, more prosperous future for all."

The Chairman's Award is the highest honour that can be bestowed upon an individual by the GCBL, and Hazel's accomplishments and contributions to the world of busi ness and leadership are truly ex ceptional.

The GCBL is proud to have Hazel as a board advisor and looks for ward to her continued contribu tions to the organisation and the business community at large.

About the Global Chamber of

Business Leaders:

The Global Chamber of Business Leaders is a leading international organisation that is dedicated to promoting business excellence and the advancement of its members. With a global network of business leaders, the GCBL o ers a range of services and resources that are designed to help its members succeed in the world of business.

Vodafone supports customers with free calls to Turkey and Syria

Vodafone Ghana has o ered all customers free international calls and SMS to Turkey and Syria. The telecommunications company will also refund customers all charges on calls that were made to Turkey and Syria from 1st February.

The initiative is meant to help customers stay in touch with loved ones who have been a ected by the recent disaster. The o er is free for all Vodafone Ghana customers until the end of February.

The earthquakes, which struck Turkey and Syria on February 6 this year, caused severe damage and loss of life and left many families in distress.

Vodafone Ghana hopes that this ini-

tiative will alleviate some of the burdens on a ected customers and help them stay connected during this difcult period.

Preba Greenstreet, Legal and External A airs Director at Vodafone Ghana, stated, “We understand how important it is for our customers to stay in touch with their loved ones, especially during times of crisis. We are committed to supporting our customers in any way we can. Our thoughts and prayers are with all those a ected by the earthquakes.”

She encouraged Vodafone Ghana customers to take advantage of this free service and stay connected with friends and family in Turkey and Syria.

Promising prospects for global airline industry this year (1): Strong recovery from 2022 losses of $6.9bn — IATA

The International Air Transport Association (IATA) expects a return to pro tability for the global airline industry in 2023 as airlines continue to cut losses stemming from the e ects of the COVID-19 pandemic to their business in 2022.

In 2023, airlines are expected to post a small net pro t of $4.7 billion—a 0.6 per cent net pro t margin.

It is the rst pro t since 2019 when industry net pro ts were $26.4 billion (3.1% net pro t margin).

In 2023, airline net losses are expected to be $6.9 billion (an improvement on the $9.7 billion loss for 2022 in IATA’s June outlook).

This is signi cantly better than the losses of $42.0 billion and $137.7 billion that were realised

in 2021 and 2020 respectively.

Resilience has been the hallmark for airlines in the COVID-19 crisis. This year, the nancial recovery is expected to take shape with a rst industry pro t since 2019. That is a great achievement, considering the scale of the nancial and economic damage caused by government imposed pandemic restrictions. But a $4.7 billion pro t on industry revenues of $779 billion also illustrates that there is much more ground to cover to put the global industry on a solid nancial footing.

Many airlines are su ciently pro table to attract the capital needed to drive the industry forward as it decarbonises. But many others are struggling for a variety of reasons. These include onerous regulation, high costs,

inconsistent government policies, ine cient infrastructure and a value chain where the rewards of connecting the world are not equitably distributed,” IATA’s Director General, Willie Walsh said. Picture for 2023 Improved prospects for 2023 stem largely from strengthened yields and strong cost control in the face of rising fuel prices.

Passenger yields are expected to grow by 8.4 per cent (up from the 5.6% anticipated in June). Propelled by that strength, passenger revenues are expected to grow to $438 billion (up from $239 billion in 2021).

Air cargo revenues played a key role in cutting losses, with revenues expected to reach $201.4 billion. That is an improvement compared with the June 2022

forecast, largely unchanged from 2021, and more than double the $100.8 billion earned in 2019. Overall, revenues are expected to grow by 43.6 per cent compared to 2021, reaching an estimated $727 billion.

Most other factors evolved in a negative manner following a downgrade of GDP growth expectations (from 3.4% in June to 2.9%), and delays in removing COVID-19 restrictions in several markets, particularly China. IATA’s June forecast anticipated that passenger tra c would reach 82.4per cent of pre-crisis levels in 2022, but it now appears that the industry demand recovery will reach 70.6 per cent of pre-crisis levels. Cargo, on the other hand, was anticipated to exceed 2019 levels by 11.7 per cent , but that is now more likely to be moderated to 98.4 per

cent of 2019 levels.

On the cost side, jet kerosene prices are expected to average $138.8/barrel for the year, considerably higher than the $125.5/barrel expected in June. That re ects higher oil prices exaggerated by a jet crack spread that is well-above historic averages. Even with lower demand leading to reduced consumption, this raised the industry’s fuel bill to $222 billion (well above the $192 billion anticipated in June).

That airlines were able to cut their losses in 2022, in the face of rising costs, labour shortages, strikes, operational disruptions in many key hubs, and growing economic uncertainty speaks volumes about peoples’ desire and need for connectivity.

Government reclaims over 1000 hectares of galamsey lands in Western North

The government of Ghana through the newly established National Alternative Employment and Livelihood programme ( NAELP) has reclaimed over 1000 hectares of land from illegal miners in the Western North.

Dr Carol Louise Donkor, National Coordinator of the Programme visited some of the areas being taken care of by Dredge Masters, a subsidiary of the Jospong Group of Companies (JGC). The company has successfully reclaimed 450 hectares of land from illegal miners (popularly known as Galamseyer) in the Western North.

Dr Donkor reiterated that The NAELP is aimed at alleviating the hardships of people adversely affected by the activities of illegal miners, and also as part of the

government’s e orts to sanitise the mining space.

The programme also includes a community mining scheme which presents a module for small scale mining in the country.

She said the project will create jobs for over two thousand youths in the a ected area through the replantation of the lands.

It was against this backdrop that Dredge Masters was contracted by the government in 2021 to help reclaim 414 hectares of galamsey lands in Asawinso A & B, Sefwi, Mepasem and Antobia all in the Western North Region.

Speaking to the media, the Project Manager for Dredge Masters, Ing.

Bernard Asumeng Adjei Saw, said

the project was 90% complete.

He disclosed that the company was awarded a contract to reclaim 414 hectares of illegal mining lands.

“But as it stands now, we have even exceeded the total hectares that we needed to reclaim. We have now done about 450 hectares of in total.

According to him, the land reclamation was part of other components of the project, stating that after that, his company will be moving to phase two of the project which is replanting trees on the reclaimed lands.

Ing Asumeng Saw commended the government for its e orts to reclaim lands damaged by illegal

miners.

“The government of Ghana has done a very good work. It has invested hugely to ensure that this damaged lands by Galamseyers are reclaimed and put to more productive use,” he expressed.

He, therefore, appealed to the chiefs in the Western North to support the government in ensuring that illegal miners do not return to these reclaimed lands.

While pointing out some challenges militating against the project, the Site Manager of Dredge Masters, Gilbert Atima, asked that the various communities within the reclaimed lands be involved in the tree-planting phase of the project.

For his part, a Technical O cer for

NALEP, Daniel Fordjour Agyemang, indicated that his out t has a plan in place which will see the involvement of all stakeholders to ensure the sustainability of the economic tress that will be planted on the lands.

“In no time we will roll all this out for the community to bene t,” he assured.

The Chairman of the Small Scale Miners in Juaboso, King George, said the programme has been bene cial to miners in the region. Some of the workers undertaking the replantation also share their thoughts on how bene cial the project has been to them.

UMB’s Aduameyaw Mante wins Agribusiness educational trip to Kenya-

The Corporate Credit O cer of Universal Merchant Bank (UMB), Kwadwo Aduameyaw Mante, has been adjudged one of the best students at the Agricultural Lending training at the National Banking College organised by Ghana Incentive-Based Risk-Sharing System for Agricultural (GIRSAL) and the Developmen t Bank in Accra.

The ve-day agribusiness educational trip by the VEGPRO Group was awarded to Mr Mante as the top student in the programme. Mr Mante was nominated for the programme by the Human Resources Department of the bank as part of its annual strategic learning plan to deliver its mid-term strategy.

Career investment

Speaking on the award, he said: “I am grateful for the investment the bank has made in my career in terms of equipping me with relevant resources for professional growth.

I am highly honoured to have been selected along with seven others from di erent nancial institutions in Ghana to participate

in this important educational trip sponsored by VegPro.

“I believe this will advance our knowledge base of the sector and help us to contribute immensely to the growth of agribusiness in Ghana and Africa,” he added.

UMB’s Executive Director for Business, Nii Amankra Tetteh, expressed delight and pride about the award.

“Kwadwo continues in a long line of excellence and thought-leadership by our human capital, stretching to 1972.

UMB has always attracted the best, and constantly strives to develop our teams by delivering an agile and high performing culture.

We are proud of Kwadwo, and he typi es the quality of our bench

strength, which is focused on delivering world class banking to Ghana,” he said.

Mr Mante departs for Nairobi within the week for the study tour, which will include a visit to VegPro’s packaging and logistics facility in Nairobi; a tour of VegPro farms in Naivasha, and a networking dinner event.

UMB is a leading indigenous bank, reputed to be Ghana’s rst merchant bank.

Established in 1972, UMB aspires to deliver a uniquely Ghanaian take on world class banking.

The bank operates from 35 locations across Ghana, and operates a number of digital solutions, including its award-winning mobile app, UMB SpeedApp.

Newmont pays GH¢184.6m dividend

Newmont Golden Ridge Ltd (Akyem Mine) has presented a cheque for GH¢184.6 million to the Government of Ghana, as dividend for the year 2022.

The amount represents the government’s carried interest in the operations of the Akyem mine.

The cheque presentation was made by executives of Newmont Africa, led by the Regional Senior Vice-President - Africa Operations, David Thornton.

Mr Thornton thanked the government for its continuous support to Newmont Africa’s Ahafo and Akyem mines and reiterated the company’s commitment to responsible mining operations,

while looking to expand Newmont Africa’s footprint in the country with the Ahafo North project.

“Our Ahafo North project remains a key strategic growth prospect for Newmont Africa, and its successful construction and subsequent operation will have immense benets to our host communities, the local economy, as well as the broader economy of Ghana, in terms of employment creation, local supply chain opportunities, as well as taxes, royalties, and dividend payments to government,”

Mr Thornton said.

On Newmont Africa’s direct support to the Ghanaian economy in the past year, beyond statutory

payments, Mr Thornton mentioned the company’s support for the government’s gold buying programme that was meant to shore up the country’s gold reserves and help stabilise the economy.

In spite of global economic challenges that had negatively impacted businesses globally, Newmont Africa was the rst mining company to support the government’s gold buying programme by selling 3,500 ounces of gold to the government, through the Bank of Ghana (BoG) in May 2022.”

“An additional 22,500 ounces of gold was sold to BoG in October and November 2022, making a

total of 26,000 ounces of gold sold to government in 2022,” he added.

Newmont commended Receiving the cheque, the Minister of Finance, Ken Ofori-Atta, commended Newmont Africa for its compliance to tax and other nancial payments to the government of Ghana. The minister also lauded Newmont Africa for its prompt payment of taxes and acknowledged the potential bene ts of the Ahafo North project. He said, “We welcome payments such as these, especially during these challenging times, and we wish to commend you for being

prompt with your payments, be they taxes, royalties, or dividends.”

“We are aware that the Ghana Revenue Authority has recognised you, on several occasions, for your tax compliance.

We look forward to the resumption of your Ahafo North project this year, which will bring in even more revenue to the state.”

Through a combination of tax payments in United States dollars, as well as making forex available to the BoG, Newmont Africa has supported and impacted forex availability to the government of Ghana.

Wisdom for Business Conference slated for

March 24 - 25

Over the years, Wisdom for Business Conference has seen business people converge both in person and virtually to glean wisdom that will help them become even more e ective in their businesses.

The 2021 edition which held online had speakers such as Dr Brian Reuben, Founder, Brian Reuben Organization (UK); Dr Benjamin Dike, Founder, Joshua Leadership Project (Nigeria); Tunde Success, Founder, Eudoracity Business School (Nigeria); Benjamin Ko Quansah (Ghana) impacted thousands of business people around Africa.

According to Godswill O. Erondu, the pioneer of the Conference, in response to the importance of this special edition said, "So far, in 2023, about 98,100 employees have been laid o by tech rms including Microsoft, Google, Amazon, IBM etc. This is a result of the economic downturn that has

hit hard on these rms.

"World Bank's research revealed that, 'COVID-19 forced businesses in Ghana to reduce wages for over 770,000 workers, and caused about 42,000 layo s.'

"As of January 10, 2023 in Ghana

Over 3000 construction sector workers were laid o due to IMF deal. The list continues in Nigeria and other countries.

"With the uncertainties in our world today" he continued, "created by event such as war in Ukraine, changes in government and government policies, innovations in AI, climate issues and many more.

Many countries will experience shortage in supply of certain resources they require to forge ahead, more companies will downsize, many countries are already in recession, it is important to understand that the challenges in our day presents with them enormous opportunities that

anyone could take advantage of.

"That said," he continued, "there can never be any better time for anyone to set up his/her business than now. You don't have to wait to be laid o or su er some kind of mishap before you do that. However, to do that you must realize that the skill set required to be effective as an employee is di erent from that required to run your own business. There is a need to learn and equip yourself with the necessary skills."

Wisdom For Business Conference presents a chance for people to glean wisdom that empowers them to e ectively use business as a tool for changing the world.

This edition that will hold in March 24th - 25th, 2023 and virtually is focused on employees who want to transition to setting-up or building businesses/companies.

The di erent session will cover

topics ranging from crafting a competitive advantage to raising funds for your business, innovative and sustainable enterprise, strategic alliance and much more.

With speakers such Dr Brian Reuben, UK; Fong Chua, Canada; Spencer Korankye, Lead Consultant, Mpact Lane Consult, Ghana;

Tunde Success, Founder, Eudoracity Business School, Nigeria; Frida Owinga, Founder, Passion Pro t, Kenya etc participants will receive ideas that will be inspired, equipped and empowered them to set-up and build businesses that will make a di erence in our world.

Mikaddo CEO to train and support entrepreneurs at Marketing with Influencers confab

Chief Executive O cer of MIKADDO Holdings Nana Dr. Michael Agyekum Addo is hosting the “Marketing with In uencers” conference that is set to take place on Saturday March 18, 2023 at 9 am at the Mikaddo Plaza, Labone.

This is a free event and is open to all who have an interest in the subject matter.

The aim is to train entrepreneurs and educate businesses and start-ups on exploring clear road maps to navigate the market. Un-

doubtedly, entrepreneurship is a formidable shield we can always rely upon.

It is an anchor which when depended on will help re-write the story of unemployment in our country. It is the delight of great leaders to equip young individuals with the requisite skills to maximize the opportunities they are presented with. This summit encapsulates this and practical ways to thrive in a competitive and contemporary market.

The focus of this summit is “Marketing with In uencers” and will explore the many creative ways small businesses, upcoming entrepreneurs, individuals and SMEs can tap into the world of digital marketing and partnerships with in uencers to maximize sales and create brand awareness.

The thematic areas are highlighted below; “Entrepreneurship”- Entrepreneurship is not a small feat. The journey requires a lot of skill, perseverance

and continuous learning and unlearning. The program will throw more light on industry secrets that have worked for some entrepreneurs and will bring to bear many practical examples from local perspectives that will allow participants to easily relate to.

“Branding”- Every organization needs a unique identi cation which can be noted by target customers and market. This can and has become a relevant topic for discussion by a lot of people both

in the corporate and outside the corporate space. Creating an indelible mark in the minds of your customers can be achieved when branding is executed with nesse. “Sales”- Sales can double or even triple depending on a number of factors. One of which includes its selling strategies. In modern times, many organizations employ various methods to reach their targets. In uencers are setting the pace in business as they have established themselves as having

the capability to pull and interact with prospective clients through various engaging ways.

“Digital Marketing”- For every growing organization, digital channels essentially help to promote goods and services. As an entrepreneur you must adopt the use of digital channels such as websites, mobile devices, social media, search engines, and other similar channels. This event will make it easy for you to use these tools to connect with your existing and prospective buyers.

Pro le of speakers

Speaking at this awesome session are great professionals and industry players whose nuggets will bring a facelift to the businesses of attendees.

Nana Dr. Michael Agyekum Addo

is an accomplished entrepreneur who has built a huge business footprint in the pharmaceutical industry in Ghana. He received his education from the Kwame Nkrumah University of Science and Technology (KNUST) where he earned his Bachelor’s Degree in Pharmacy, and proceeded to study for his Master’s Degree in Industrial Management from the same university.

Dr. Agyekum Addo started his journey operating a pharmaceutical shop in Kumasi in 1983. He has also established the Mikaddo Educational Project, which trains teachers to make entrepreneurs out of students from a young age and has also written a number of books with a goal of instilling the ‘can- do’ attitude in the younger

generation. Other speakers are Akosua Agyapong, a Ghanaian female highlife singer and television personality. This legendary name became a household word in the mid-1990s for both her sweet voice and her elaborate dance moves. Akosua has ve albums to her credit, one in collaboration with NAKOREX and another as a member of NAKOREX. She was honoured in August 2019 at an event dubbed “Celebrating Akosua Adjepong 30@50”. This was to celebrate her for having chalked 30 years as an artiste.

Samuel Agyeman-Prempeh, a Certi ed Professional Trainer (CPT) by the International Association for People & Performance Development (IAPPD) and a publishing

consultant assisting busy executives to write and publish bestselling books.

He has served as Head of Protocol at a diplomatic mission, Corporate A airs O cer at a French multinational agribusiness and as Events & Media Correspondent for a digital ad agency.

Augustus Koranteng Kyei, legally known as Augustus Koranteng Kyei. Kobby Kyei is among the award-winning bloggers in Ghana and has won many awards in Ghana including the National Communications Awards, (Online Media Personality) Youth Excellence Awards, (Best Youth Blogger of The Year), Ghana Tertiary Awards (Tertiary Star Role Model of the Year), Ghana Web Excellence

Awards (Best Blogger of the Year).

Mr. Kingsley Kwaku Pinkrah, the Founding President and CEO of Community and Entrepreneurial Development Initiative (CEDI Ghana). He is a multiple awardwinning social entrepreneur, social activist, and business advisor. Kingsley holds Master of Business Administration in Finance (Distinction) from Kwame Nkrumah University of Science and Technology.

In an attempt to excel in today’s market, you need to be on top of your game by using up-to-date knowledge to make informed decisions and modern technology to arrive at data-driven solutions. With the avenue for attendees to network, the opportunity for creating new businesses is limitless.

Countering structural disruptions

By Michael Spences

Trade and technology development policies almost always have distributional consequences. There may be a few exceptions for which the implementation of a policy produces either gains or no loss for nearly everyone, what economists would call a Pareto improvement. But these instances are relatively rare. You could argue that for early-stage developing countries, the export-driven growth model that draws surplus labor into the modernizing manufacturing and urban sectors comes close to meeting this standard. But even there, the gains are not spread evenly, and income inequality normally increases.

Distributional impacts are the norm, within countries and across national boundaries. Successful developing countries experience structural change as part of the growth process. The long-term bene ts of exposure to global markets and investment are very large, driving both growth and signi cant structural adjustments in terms of jobs, skills, and human

capital. But some sectors are inevitably adversely a ected.

To ensure that new economic opportunities and pressures do not overwhelm the ability of developing countries – particularly the labor force – to adapt, policymakers should manage the pace and sequencing of the opening process in trade, investment, and the capital account. For example, if net employment creation – jobs created minus jobs lost – turns negative, opening may be happening too fast.

E orts to calibrate the pace of opening should be complemented by some redistribution toward adversely a ected people or sectors, but not at the expense of investment. Most important, to support the creation of an inclusive pattern of structural adjustment, government must invest heavily in high-quality, a ordable (either low-cost or free) education for young people and training for older workers.

All of this is vital to ensure that the policies that underpin the growth

model retain popular support; otherwise, political opposition will likely disrupt or even abort the growth strategy.

These challenges are not limited to developing economies. Trade, investment, and technology have signi cant e ects on economic structure, relative prices, and income and wealth distribution pretty much everywhere. One  recent paper argues that trade with China not only has direct negative e ects on employment and wages in the US manufacturing sector, but also produces negative upstream e ects on suppliers of intermediate products.

To be sure, the paper’s authors conclude that, for the United States, trade with China yields net bene ts, because the positive downstream e ect – a wide range of industries gaining access to cheaper intermediate products –is larger than the combined direct and upstream negative e ects. Nevertheless, US-China trade still has important distributional implications because the negative ef-

India at a crossroads

India is poised to become the world’s most important country in the medium term. It has the largest population (which is still growing), and with a per capita GDP  that is just one-quarter that of China’s, its economy has enormous scope for productivity gains.

Moreover, India’s military and geopolitical importance will only grow, and it is a vibrant democracy whose cultural diversity will generate soft power to rival the United States and the United Kingdom. One must credit Indian Prime Minister Narendra Modi for implementing policies that have modernized India and supported its growth. Speci cally, Modi has made massive investments in the single market (including through  de-monetization and a major tax reform) and infrastructure (not just roads, electricity, education, and sanitation, but also digital capacity). These investments – together with industrial policies to accelerate manufacturing, a comparative advantage in tech and IT, and a customized digital-based  welfare system – have led to  robust economic performance following the COVID-19 slump. Yet the model that has driven In-

dia’s growth now threatens to constrain it. The main risks to India’s development prospects are more micro and structural than macro or cyclical. First, India has moved to an economic model where a few “national champions” – e ectively large private oligopolistic conglomerates – control signi cant parts of the old economy.

This resembles Indonesia under Suharto (1967-98), China under Hu Jintao (2002-12), or South Korea in the 1990s under its dominant chaebols.

In some ways, this concentration of economic power has served India well. Owing to superior nancial management, the economy has grown fast, despite investment rates (as a share of GDP) that were much lower than China’s. The implication is that India’s investments have been much more e cient; indeed, many of India’s conglomerates boast world-class levels of productivity and competitiveness.

But the dark side of this system is that these conglomerates have been able to capture policymaking to bene t themselves. This has had two broad, harmful e ects: it is sti ing innovation and e ectively killing early-stage startups and domestic entrants in key in-

dustries; and it is changing the government’s “Make in India” program into a counterproductive, protectionist scheme. We may now be seeing these effects re ected in India’s potential growth, which seems to have declined rather than accelerated recently. Just as the Asian Tigers did well in the 1980s and 1990s with a growth model based on gross exports of manufactured goods, India has done the same with exports of tech services. Make in India was intended to strengthen the economy’s tradable side by fostering the production of goods for export, not just for the Indian market. Instead, India is moving toward  more protectionist import-substitution and domestic production subsidization (with nationalistic overtones), both of which insulate domestic industries and conglomerates from global competition. Its tari policies are preventing it from becoming more competitive in goods exports, and its  resistance to joining regional trade agreements is hampering its full integration into global value and supply chains. Another problem is that Make in India has evolved to support production in labor-intensive indus-

fects are more concentrated by

moving routine (codi able), mainly middle-income jobs from the economy, leading to job and income polarization. This phenomenon can be observed in all advanced economies. Compounding the challenge in the US, productivity growth has moved onto a dual track. As Belinda Azenui and I recently noted, breakthroughs in machine learning have enabled productivity to grow rapidly in what technologists call the “bits layer” of the economy – where information is processed, stored, accessed, and used, where transactions occur, and where decisions are made.

compliance with WTO rules, but rather on its stage of development, the scale of trade, and its comparative advantages.

The severity of the so-called China shock in the US re ected its speed and scale. Policymakers’ mistake was to devote relatively little attention to modulating the speed of the transition or supporting those a ected by the structural adjustment.

But slowing the pace of structural change is easier said than done, particularly when it comes to the green transition – another key driver of structural change today. Decades of inaction mean that rapid reductions in greenhouse-gas emissions are now urgently needed. But this is already creating major dislocations, with serious distributional implications. As these e ects grow, so will resistance to the necessary initiatives. A third driver of structural transformation today is technology. As David Autor and others have documented, even before the latest breakthroughs in arti cial intelligence, digital technology was re-

By Nouriel Roubini

tries such as cars, tractors, locomotives, trains, and so forth. While the labor intensity of production is an important factor in any labor-abundant country, India should be focusing on industries where it has a comparative advantage, such as tech and IT, arti cial intelligence, business services, and ntech. It needs fewer scooters, and more Internet of Things startups. Like many of the other successful Asian economies, policymakers should nurture these dynamic sectors by establishing special economic zones. Absent such changes, Make in India will continue to produce suboptimal results.

Finally, the recent saga surrounding the Adani Group is a symptom of a trend that will eventually hurt India’s growth. It is possible that Adani’s rapid growth was enabled by a system in which the government tends to favor certain large conglomerates and the latter bene t from such closeness while supporting policy goals. Again, Modi’s policies have deservedly made him one of the most popular political leaders at home and in the world today. He and his advisers are not personally corrupt, and their Bharatiya Janata Party will justi ably win

But in the “atoms layer,” where physical economic activity takes place, productivity growth is mixed – higher in structured environments like manufacturing and logistics, and lower elsewhere, including large employment sectors like hospitality. If these trends –and policymakers’ inaction – persist, the gap in productivity and incomes will continue to widen.

In a 2022 article entitled “The Turing Trap,” Erik Brynjolfsson suggested that the AI research agenda is overly focused on human-like arti cial intelligence, motivated by the famous Turing Test: can a person interacting with a machine determine whether it is one? Clearly, that benchmark has produced astonishing advances. But Brynjolfsson argues that it needs to be complemented with a more aggressive and well-funded machine-augmentation agenda. The goal of developing semi-autonomous vehicles must be accompanied by a push to boost the productivity of a broad range of service-sector jobs.

re-election in 2024 regardless of this scandal. But the optics of the Adani story are concerning.

There is a perception that the Adani Group may be, in part, helping to support the state political machinery and nance state and local projects that would otherwise go unfunded, given local scal and technocratic constraints. In this sense, the system may be akin to “pork barrel” politics in the US, where certain local projects get earmarked in a legal (if not entirely transparent) congressional vote-buying process. Supposing that this interpretation is even partly correct, Indian authorities might reply that the system is “necessary” to accelerate infrastructure spending and economic development. Even so, this practice would be toxic, and it would represent a wholly di erent avor of realpolitik compared to, say, India’s vast purchases of Russian oil since the start of the Ukraine War.

While those shipments still account for less than one-third of India’s total energy purchases, they have come at a signi cant discount. Given per capita GDP of around $2,500, it is understandable that India would avail itself of lower-cost energy. Complaints by

Western countries that are 20 times richer are simply not credible.

While the scandal surrounding the Adani empire does not seem to extend beyond the conglomerate itself, the case does have macro implications for India’s institutional robustness and global investors’ perceptions of India.

The Asian nancial crisis of the 1990s demonstrated that, over time, the partial capture of economic policy by crony capitalist

conglomerates will hurt productivity growth by hampering competition, inhibiting Schumpeterian “creative destruction,” and increasing inequality. It is thus in Modi’s long-term interest to ensure that India does not go down this path. India’s long-term success ultimately depends on whether it can foster and sustain a growth model that is competitive, dynamic, sustainable, inclusive, and fair.

The Only Way to End the War

for what it does, but for who it is.

deprived of what it needs to expel Russian forces. For any peace to last, it must be just. And to be just, it must respect Ukraine’s international borders, its democracy, its statehood, and its right to choose its own destiny.

This is crucial, because Russia’s justi cation for its aggression is based on the denial of Ukrainian statehood. Such claims are born of a Russian nationalist and imperialist ideology that rules out the very idea of a distinct Ukrainian identity. Russia de nes Ukraine’s people as what the Nazi jurist Carl Schmitt called a “total enemy” that must not be merely defeated, but also erased – not

This is Russia’s justi cation for torture, abduction of children, burning Ukrainian books, and countless war crimes. The violence unleashed on Ukrainians because they are Ukrainians is comparable to Stalin’s Great Terror, when millions of innocent people were killed for being “class enemies.” Stalin’s terror “worked” precisely because targeting innocent people forced everyone into total conformity with the will of the state. This is totalitarianism. Having descended ever deeper into authoritarianism during the past 15 years, Russia has again become totalitarian. Anyone who does not comply runs the risk of being poisoned, falling from a window, or ending up in prison. As the population is terrorized into conformity, already-vulnerable groups face the greatest risk of persecution. Anti-Semitism has exploded, sexual minorities are living in constant fear, and racism and xenophobia are running rampant. Under these conditions, it will take a long time for Russia to sort itself out, even if the man who has turned his country into a pariah leaves the stage. The detox of the Russian nation might take a generation, and the outcome is far from assured. Collectively, we must not only ensure that Ukraine can attain a just and lasting peace as quickly as possible; we must also support Ukraine’s e orts to transform itself into a prosperous country whose citizens can count on the rule of law, respect for human

rights, and fundamental freedoms. In this respect, the accession process leading to European Union membership can be transformative. Just as that process helped Greece, Spain, Portugal, and Central and Eastern European countries detox from their dictatorial pasts, it can also inoculate Ukraine against a dictatorial future.

Twice in my lifetime, history has taken a sharp turn and pushed Europe in a new direction. The rst time was when the Berlin Wall fell in 1989, allowing Europeans to reunite. The second was when Russia invaded Ukraine a year ago, forcing Europeans to defend and strengthen the values and institutions they hold dear.

Looking ahead, we must acknowledge that under the current circumstances, Ukraine’s integration with the EU will have to happen much faster than in the past. But that does not mean we should sacri ce thoroughness on the altar of expediency. A partial or awed integration would leave shortcomings unresolved, ultimately weakening both Ukraine and the EU. What is needed, then, is a Marshall Plan-type response. This would be unprecedented in scale, combining reconstruction and economic transformation with the legal, administrative, and social reforms needed to enable Ukraine to function fully as an EU member state. This has never been done before, but it will have to be done now.

One urgent task, for EU leaders and national politicians alike, is

to prepare our citizens for what this transformation of both Europe and Ukraine will entail. In parallel, the EU must build the economic, nancial, political, and administrative structures that will be required. The Russian regime portrays Europeans as weak and decadent pushovers. “Gayropa” must ultimately yield to the superior force of ultranationalism, Putin believes, and even had certain political camps in Europe and the United States convinced of this, with politicians and media personalities praising a “strong leader” standing up for “traditional European values.” But the Ukrainian people are exposing the lies underpinning this caricature, putting Putin’s Western admirers to shame. We all need to recognize what is at stake. One hundred years after its rst incarnation, totalitarianism has made a comeback on our

By Frans Timmermans

continent. We must quickly contain and then unmask it, so that it can be defeated and nally expunged by the Russian people themselves. This war is about so much more than gaining or losing territory.

The Ukrainian nation, a European nation, is ghting for its survival.

An imperialist ideology that denies other nations’ existence will not stop at just one. If Russia’s aggression is allowed to pay o , the ames of war will burn in more European countries, and autocracy will spread like gangrene.

The past year has shown that we are much stronger than Putin and his ilk, so long as we are united and determined. So, let us take inspiration from the heroism of the Ukrainian people. The more we support them in their struggle, the sooner the carnage will stop.

The new Galamsey: Breach of personal data

Have you ever wondered how random strangers are able to add you to lottery WhatsApp groups, or receive text messages from sports betting companies or even receiving phone calls from strangers in respect of mobile money fraud? This article seeks to discuss personal data and how it may be breached.

What is Personal Data

Personal data means data about an individual or data subject who can be identi ed from the data or other information in the possession of or likely to come into the possession of a data controller[ Data Protection Act, 2012 (Act 843)]. Essentially, this means that personal data is information about a person that identi es or can identify them.

Once data or information can distinguish you from other individuals, it becomes your personal data. Personal data includes a myriad of things that can be used to identify a person, such as a name, date of birth, email address, phone number, ID numbers and physical traits, among others.

A data controller is thus a person who determines the purpose for and the manner of processing of

personal data, either alone, jointly with others, or as a statutory duty[

Ibid ].

Personal Data Breach

A breach of personal data is more than just the exposure of your personal data to unauthorised persons; it is a breach of security that leads to the accidental or unlawful destruction, loss, alteration, or unauthorized disclosure of, or access to your personal data[ Information

Commissioner, O. (n.d.). Guide to

Data Protection: Guide to LE Processing: Personal Data Breaches. Retrieved from A ICO Website: https://ico.org.uk/for-organisations/guide-to-data-protection/guide-to-le-processing/perso nal-data-breaches/]. Personal data can be breached by those to whom it is entrusted. There are several situations in which we willingly give out our personal data to people who may owe us a duty of care in how they handle the data. For example, when you go to an o ce or even the hospital and you are asked to leave your name and telephone number to show you came in and left at a particular time. Also, a rst timer in church may be asked to leave his or her phone number in

order to be contacted for church activities among others. Another example is with regard to scanning and printing several copies of your forms or IDs at business centres.

Some individuals knowingly or recklessly may disclose personal data, and some go to the extent of selling or o ering to sell a person’s personal data to a third party without the consent of the data subject. All of the examples of how we give out our data willingly can be very easily exploited by those we trust with it. All the scanned copies of documents or ID cards with personal information are at times sold for pro t and for the wrong reasons for those who are to protect and properly dispose of that data.

Fortunately, the Data Protection Act has a provision that states the penalty given to a person when they knowingly or recklessly disclose personal data. That person is liable on summary conviction to a ne of not more than 5,000 penalty units which is GHS60,000 or to a term of imprisonment of not more than 10 years or to both a ne and a term of imprisonment[ Data Protection Act, 2012 (Act 843)]. Also, a

person who sells or o ers to sell data is liable to a ne of not more than 250 penalty units, which is GHS3,000, or a term of imprisonment of not more than 5 years or both a ne and term of imprisonment[ Ibid ]. The careless breach of personal data is much closer to home than we think. With the transition to digital data and information collection and storage, many persons, institutions, and organizations are not properly destroying the personal data they have collected from individuals after use.

For example, investment rms, banks, and most nancial institutions require the customers to complete forms with personal information on these forms. After the data has been taken from the forms, the forms may, if not properly destroyed, end up in the hands of street vendors. Your favourite kelewele vendor is probably wrapping your GHC 5 kelewele in the form lled out by Ko Baabone some years back AAP Bank Ltd. This gives an individual looking to unlawfully use that personal data unauthorized access to that data.

Another example of how personal data may be breached is when information is sent to the wrong address because of some error that could have been xed if the right checks were put in place. Sometimes, all it takes is a typographical error with a postal address, phone number, or email address for some health record or sensitive information to go to an unauthorized person. If the person is not lawful or does not have good intentions, that information can be used in the wrong way. The Data Protection Act makes provision for remedies in the event of a breach of personal data. Individuals who su er damage and distress through contravention by a data controller or processor are entitled to compensation from the controller or processor and can seek such compensation through the Courts. Additionally, an individual has the right to complain to the Data Protection Commission if they feel a person or organization is not complying with their responsibilities. The Data Protection Commission may investigate the issue and ensure that your rights are upheld. Data has become the new gold

and mining that wealth of knowl edge is now a dire security risk that needs more attention in Ghana, and on the continent.Article writ ten by Prince Addoquaye Acquaye & Sedinam Naki Anyasor

About the Authors

Prince A. Acquaye is the Managing Partner at Corporate and Allied At torneys, a dynamic law rm in Ghana. He specializes in corporate governance, intellectual property, immigration, general corporate commercial, data protection and M&A.

Sedinam N.A. Anyasor is senior at Ashesi University and is majoring in Management Information Sys tems with a concentration on Infor mation Systems. She developed an interest in law and wants to pursue it as a career.

MTN ‘Save A Life’ campaign generates over 6,000 units of blood

The MTN Ghana Foundation’s annual ‘Save A Life’ campaign yielded its highest ever donation of blood at the 2023 edition of the event.

About 6,440 units of blood was collected during the blood donation campaign which takes place every year on St. Valentine’s Day.

The ‘Save a Life’ campaign mobilizes partners and customers of MTN, and the public to voluntarily donate blood to support the National Blood Bank and several regional and district health facilities in the country.

The Foundation surpassed its

Manager, Sustainability and Social Impact at MTN Ghana Foundation, Rhoderlyn Entsua-Mensah reiterated the Foundation’s commitment to support the drive for voluntary blood donation. “As we celebrate Valentine’s Day, we at MTN Ghana Foundation believe that the availability of safe blood is critical in health administration. This blood donation initiative was instituted to improve health delivery and so

exceeded our target and were able to collect about 6440 units. The units of blood collected will go to the National Blood Service, partner hospitals and health facilities across the country.” she added.

The CEO of the National Blood Service, Dr. Shirley Owusu- Ofori thanked MTN Ghana Foundation for its unwavering commitment

and support to promoting voluntary blood donation over the years.

“Twelve years ago, MTN Ghana Foundation partnered the National Blood Service to raise public awareness on the need for safe blood for transfusion. It has also been an opportunity for society to give back especially those who have bene ted from blood donations. This occasion has also been used to highlight the critical contributions voluntary unpaid blood donors make to the national healthcare delivery system. Voluntary blood donation is safe and it is the only means to support

friends and loved ones who need blood transfusion to manage health conditions”, Dr. Shirley said. Dr. Owusu- Ofori also used the opportunity to encourage the public and other stakeholders to work collectively to show love and help save lives by participating in voluntary blood donation exercises.

The ‘Save a Life’ Campaign has since its inception yielded over 20,000 units of blood. Until this year’s event, the highest collection was in 2020, when the ‘Save a Life’ Campaign yielded 6,036 units of blood. Over the years, MTN Ghana Foundation has been rec-

WEEKLY MARKET REVIEW FOR WEEK ENDING - February 3, 2023

WEEKLY MARKET REVIEW FOR WEEK ENDING - February 3, 2023

WEEKLY MARKET REVIEW FOR WEEK ENDING - February 3, 2023

Can there be smart cities in developing countries?

But the concept of the smart city encompasses more than the ap plication of digital tech in urban spaces. Ultimately, private sec tors and authorities need to ensure technology makes a meaningful contribution across many aspects of a citizen’s life, the World Economic Forum (WEF) has argued in a report.

To achieve this, municipal authorities have begun deploying networks of cameras and IoT sensors to bolster public services in areas such as transportation and waste management.

Despite the objectives, WEF argues the adoptions and outcomes of smart city initiatives present a huge gap as technology companies favour investing in cities with mature economies across the United States (US) and Europe over the southern hemisphere.

In November 2022, WEF noted London, New York, Tokyo and Paris were among the top 10 smart cities based on nine metrics spanning from governance and digital skills to environmental sustainability. Developing cities, including Nairobi, Lagos, Brasilia and Kolkata, were at the bottom.

WEF further asserted smart city concepts are often criticised in the developing world, as local authorities are “frequently saddled with expensive systems” by foreign vendors, adding the projects are often “ill-suited to local realities”.

One potential reason for this is a misunderstanding of what a smart city actually is.

The Research Manager for government insights at IDC Europe, Louisa Barker, told Mobile World Live (MWL) “too often there is a shiny aesthetics of what a smart city should be”, citing visions of modern buildings and un-

challenges faced by citizens and putting technology second”.

Associate VP and Head of IDC government insights Europe, Joe Dignan, concurred while noting conversations around smart cities are clouded by “the futuristic parts”, leading to a lack of clarity about what a city really needs from smart initiatives.

Beyond the overall de nition of smart cities, developing nations also face more basic challenges including supply of power or water shortages, which may hinder the appetite for potentially costly technology deployments.

Core city challenges

A case in point would be Zimbabwe, where President Emmerson Mnangagwa announced plans to build a controversial yet ambitious smart urban landscape in 2022.

During the project’s opening ceremony, Mnangagwa explained that the $500 million plan would bring about “the smartest city in the region”, replicating Dubai’s commercial, high-tech concept in the northwest of Harare. However, Bloomberg reported the move triggered a split in opinions, particularly as the country remains plagued by electricity outages and many cities have had no reliable running water for years due to a legacy of racially divided urban systems.

The New Harare, backed by Emirati investors, will aunt a new stock exchange, presidential palace and luxury villas, but there is no word on whether the country’s more prevalent issues will be solved.

Meanwhile, The Guardian reported a $90 billion plan unveiled by India in 2015 to build 100 smart

noted the country pushed its original deadline of 2020 to June 2023 due to administrative backlogs. While emerging technologies like AI, cloud computing and IoT have enjoyed the spotlight in smart city discourse, Barker and Dignan explained data digitalisation sits at the centre of smart city planning across developing nations, helping governments reduce costs and make better decisions.

Open data as a rst step International Development Research Centre (IDRC), a research body headquartered in Canada, identi ed open data portals as a key enabler of smart city developments in Africa, Asia and South America, adding that the technology remained an isolated topic in the broader smart city narrative.

The organisation described open data portals as a state-based initiative where a range of insights and datasets about a city’s urban development are made accessible to the public: supporting the evolution of smart technologies at a regional level and encouraging new digital services to become more citizen-centric. Similarly, Financial Times argued transparency and better handling of municipal data are the lifeblood of new technologies. With approaches like an accessible data portal or data crowdsourcing, developers can make digital tools tailored to address a city’s speci c needs. In Burkina Faso, a partnership between a local electricity company and NGO Open Burkina has helped

power grid performance”. The datasets are later distributed to the a ected citizens and fed to the country’s national data portal. Durban in South Africa is also an early adopter of an open data system. In 2011, the city established an open-source online repository to progress its smart city project, the Durban Edge. Using deep data analysis, Durban Edge has published various metrics covering energy use, migration rates, nancial inclusion, waste management and housing. In turn, municipalities can bene t from the datasets to optimise public services.

In 2021, Durban struck a long-term smart city initiative with Microsoft, which includes the upgrade of its national IT infrastructure with Azure cloud to enhance data processing: a move that helped redress issues around lost or outdated information due to unreliable power.

CNN reported the tie-up also covers the deployments of “dash cams” and “camera systems” as part of its cloud-based data integration to improve national security.

“I think increasing the e ciency of government administration through technology is where I can see a real opportunity”, said Barker.

5G unleashed Dominique Bonte, MD and VP at ABI Research, stated 5G networks “will be very good for developing regions”, explaining real-time data rates and reliability are central to IoT in smart cities.

“Tra c sensors, surveillance and smart streetlights are good examples that can e ciently prevent crime and manage crowd control”,

This also holds true for Dignan, who branded 5G “an important part of disruptive technologies that are really coming through” and enabling developing nations to “leapfrog” developed smart cities.

While the uptake of 5G in the Asia Paci c so far is strong, uneven adoption due to a lack of digital skills persists outside of Japan, South Korea, Australia and Singapore, data from mobile industry association the GSMA showed.

What’s next?

It’s convenient to imagine a world where smart tech intervention can solve every urban challenge. As cities have their own priorities and issues, technology deployments cannot be approached in a universal way and should t a more localised context.

Public-private partnerships on smart initiatives might have pervaded developing markets in recent years, with WEF highlighting the potential of Asian and African regions in smart urban developments as the two continents are progressively employing digital tools to tackle problems that come with rural-urban migrations. However, authorities should look more closely at ensuring the projects can serve the cities on a long-term basis. At the end of the day a smart city strategy “needs to be centred on addressing the challenges caused by the legacy infrastructure,” said Barker. “If we ignore that, it’s not going to be e ective”.

EDITOR: BENSON AFFUL

To date, the majority ofsmart city initiatives have progressed in developed economies, with authorities in Europe and the Nordics taking a lead in employing digital technologies to improve municipal services.