Investment Times Newspaper 2023 Edition | Issue 5

The Ghana Investment Promotion Centre (GIPC) is set to host the First Annual Assembly of African Investment Promotion Agencies on 25th January 2023 at the Kempinski Hotel Gold Coast City in Accra.

The maiden summit will focus on “The Role of IPAs in Facilitating Intra African Trade”. Together, the heads and representatives of the invited African Investment Promotion Agencies along with col-

leagues from the World Association of Investment Promotion Agencies (WAIPA), economic and political leaders will explore the critical role investment Promotion Agencies play in boosting intra-African trade.

There will be further discussions on the emerging opportunities the AfCFTA continues to present and how various development actors can leverage them to facilitate trade on

By Benson Afful

the continent and boost socio-economic development.

Key speakers at this year’s summit are CEO of the GIPC & Sub Sahara’s Director on the steering Committee of the

duction for November and December 2022, as compared with the prior two months.

The increases were recorded from its Bibiani and Chirano Gold Mines, all located in

Ghana.

In November and December, gold production on a combined basis for Bibiani and Chirano totaled 47,954 ounces for a monthly average of 23,977

ounces, up 20.7 per cent from previous 39,731 ounces or a monthly average of 19,866 ounces for September and October.

The November and December gold production monthly average was up 34.4 per cent from the monthly average of 17,834 ounces’ gold from August to October, 2022, Asante’s third scal quarter.

The company said it also continued its record of no lost time from injuries, consolidated preliminary gold production of 23,760 and 24,180 ounces respectively for November and December; and completed nal US$30 million deferred payment, completing the Bibiani acquisition.

The company also completed US$54 million in rst and second tranche payments on the Company’s gold forward sale agreement in October 2022 and January 2023 through the delivery of 16,249.60 and 14,113.51 ounces of gold, respectively.

The CEO of Asante Gold Corpora-

tion, Dave Anthony, in the release stated that “over the past 12 months Asante has been transformed from an early-stage exploration company to a mid-tier gold producer.

“The signi cant production gains in November and December bode well for the achievement of our 400,000-ounce target from Bibiani and Chirano for the scal year ending January 31, 2024. Over the past ve months we have made payments totaling US$83.6 million towards closing our Bibiani acquisition and repaying our gold forward sale agreement.”

Looking forward, he said the company would continue to capture the bene ts of owning these two nearby operating mines, which incorporate a district scale land package with signi cant exploration potential.

He said value creation initiatives were proceeding across its business as it looks to make Asante one of the top mining companies

World Association of Investment Promotion Agencies, Yo Grant, and Ismail Ersahin, Executive Director for World Association of Investment Promotion Agencies (WAIPA).

Speaking on the importance of the summit, Yo Grant said, “By 2050, Africa will be a quarter of the global population. What if by 2050, Africa was also the recipient of a quarter of global FDI ows? As we look

inward on how we can promote intra-African trade through the AfCFTA, Africa needs to rede ne how we look outward towards our investor partners. This redefinition is best created when we sit around the table and discuss where we are and where we want to go.”

“This is why we are convening the rst of many Annual Assembly of African Investment Promotion Agencies. Through this, we hope to deepen and continue engagement for the formation on an Association of African Investment Promotion Agencies,” he added.

He further noted that the annual summit will set the tone for collective engagements on how development actors can target,

channel and leverage foreign investment for mutually bene cial outcomes. He called for cooperation on increasing intra-African investment in Africa which is relatively low compared to other regions of the world.

There are currently about 48 African Investment Promotion Agencies (IPAs), and the Annual Assembly of Investment Promotion Agencies will serve as the ofcial gathering for African IPAs to engage in discussions, exchanges, and knowledge sharing on policies, interventions, current trends in FDI, best practices on investment promotion, the AfCFTA, among other topics.

Asante Gold on course to meet 400,000ounce gold production target GIPC to host Africa's First Annual Assembly of Investment Promotion Agencies GSE grants bank’s

statements by April 30

The Ghana Stock Exchange (GSE) has approved a request by the Ghana Association of Banks (GAB) on behalf of the listed banks for the ling of 2022 audited Financial Statements to be extended to April 30, 2023.

This will enable the banks to work e ectively with their external auditors to achieve the audit objectives.

In a press release issued by GSE in Accra today, it said the Association indicated that their ongoing discussions on the Government of Ghana Debt Exchange programme has a ected the nalisation of nancial statements for the year ended December 31, 2022, by external auditors of the banks.

“In particular, the deliberations have implications for the assessment of Expected Credit Losses and its impact on 2022 nancial statements.

“It is against this background that

the date for ling of 2022 audited nancial statements is extended by one month to April 30, 2023,” it said.

It added that the banks that can conclude their audit on time, after the ongoing discussions were encouraged to publish their audited nancial statements within the existing statutory timeline.

Losses and its impact on 2022 nancial statements.

“It is against this background that the date for ling of 2022 audited nancial statements is extended by one month to April 30, 2023,” it said.

It added that the banks that can conclude their audit on time, after the ongoing discussions were encouraged to publish their audited nancial statements within the existing statutory timeline.

Hydro estimated to produce more electricity in 2023

The Institute for Energy Security (IES) analysis of power sector data has revealed that there would be signi cant demand for electricity in 2023, with electricity from hydropower sources posting signi cant growth in 2023 to meet expected electricity demand growth.

Although the institute expects bulk of the capacity generation for 2023 to come from thermal sources if natural gas supply is sustained and planned plant maintenance schedules is strictly adhered to, IES’ analysis shows that for 2023, hydropower generation sources may produce the biggest growth in the energy mix.

With improved water-head levels, hydropower generation is estimated to produce close to 38% of 2023 capacity, should hydro-electric have dispatch priority over thermal in the generation mix.

Data from Akosombo and Bui hydro-electric generating stations (GS) indicate elevations at the beginning of 2023 are in a better positions to produce more electricity than the thermals, compared to previous years. Bui's water elevation is expected to help produce more megawatts to meet increasing electricity demand at particularly peak hours, and extended mega Vars to support voltage on the grid and help reduce transmission losses, if dispatched conservatively throughout the year.

With a year-start Akosombo water level elevation of 83.10 metres (272.66 feet), it is estimated that total energy production from Akosombo GS could fall between 7,500 and 8,000 gigawatt hours (GWh) for 2023, with the Kpong GS producing roughly 990 GWh of electricity over the period.

Also, Bui GS’ year-start elevation of 178.99 metres above sea level (masl) is enough to possibly produce an estimated 1,056 GWh of electricity in 2023.

Should Bui and Akosombo hydro-electric facilities be dispatch conservatively throughout the year, they may not draw down close their minimum operating levels (MOL) to a ect the sustainability of operations this year, and for subsequent years in the likely event of low in ows.

In spite of IES’ anticipation in growth from hydropower generation, the Public Utility Regulatory Authority (PURC) in its

recent tari review used an as sumption of 26.11% and 73.89% for hydro and thermal respec tively, in the electricity genera tion mix for 2023. That assump tion to the IES, amounts to given priority to thermal power generation over hydro, given that water elevations for Bui and Akosombo generating sta tions (GS) have improved, and capable of producing more power in 2023 than in previous years.

It is the view of the IES that the PURC would not get it wrong in its assumption if its modelling is guided by both past and pres ent events. Analysis of past in dustry data, anticipated elec tricity consumptions, available generation capacities et cetera, may provide a high degree of accuracy for PURC’s energy mix assumptions for the recent tari review.

For instance in 2019, Akosom bo and Bui Generation Stations had a year-start water eleva tions of 79.81 metres and 176.97 metres above sea level respec tively. At those elevations, Ako sombo and Bui were able to produce 5,366 GWh and 1,044 GWh respectively to contribute to a total hydropower genera tions of 7,252 GWh, represent ing 40% of the total power gen erated for that year.

HYDROPOWER CONTRIBU TIONS TO GENERATION MIX

TREND: 2019 - 2023

Year-start Water Level Elevations

Year Total Power Gener ated (GWh) Total Hydro Gener ation (GWh) Total Hydro Generation (%) Akosombo (m) Bui (masl) 2019 17,887 7,252 40 79.81 176.97 2020 19,717 7,293 37 80.70 180.37 2021 21,466 7,521 35 81.60 172.16 2022 23,579 7,690 33 82.04 177.58 2023 25,351 9,633 38 83.10 178.99

Source: IES 2023

* Generations for 2022 are Provisional

** Generations for 2023 are IES Estimations

It must be noted that although the year 2019 is on record to be one of the years with the lowest year-start elevation compared to subsequent years, yet that year is recorded as contributing the highest in the energy mix in recent times, generating 7,252 GWh from Akosombo, Kpong, and Bui GS. It is also on record that in the year 2019, Bui had a cause to spill excess

Akosombo in 2019 operated up to 4 units (out of the 6 installed units) during the o -peak period and up to 5 units during the peak period, with the plant sometimes running more units than planned as a result of unavailability of some thermal generating facilities.

In 2020 the 3 hydropower facilities contributed 37% of power generated, with a year-start water level elevations of 80.70 m and 180.37 masl for Akosombo GS and Bui GS respectively. For 2020, hydro was projected by the Energy Commission to generate 6,897 GWh of electricity, yet at the close of the year the total hydro generated for 2020 was 7,293 GWh. At Bui’s reservoir year-start of 180.37 masl, the total energy supplied to the national grid in 2020 was 1,260 GWh, compared to the projected 764 GWh.

Also in 2021, year-start water elevation for Akosombo and Bui was recorded as 81.60 m and 172.16 masl. Though these elevations were lower com-

The year 2022 started with water elevation of 82.04 m and 177.58 masl for Akosombo and Bui respectively. At these water levels, it was estimated by the Energy Commission that Akosombo will generate a total of 5,513.3 GWh in 2022, while Bui was projected to produce 894 GWh for the year, at an average of two (2) units. Although the Kpong GS was projected to have all four (4) units in service in 2022, it was however expected to generate 986.7 GWh in the year.

On the back of these past records and the improved water elevations for both Akosombo and Bui, the IES anticipate that the Akosombo GS can run 6 units for the greater part of the year to generate 7,587 GWh of electricity in 2023.

The IES have also taken note that the Akosombo reservoir year-start elevation of 83.10 m is very high, about 0.6 m below the Upper Rule Curve of 83.72 m (274.69). This level poses a risk of spilling of water from the reservoir if very high in ows is record-

er facilities may be out for service, for an extended period of time.

The IES urges the PURC and the Energy Commission to take seriously the demand-consumption assumptions and the e ects of out-turn of the projections on cost and planning, since too many a times the deviations are found to be wide.

For instance, the total energy generated from the plant in 2019 was 1,044 GWh compared to the projected of 645 GWh. Also in 2021, the total hydro generated from the Bui GS was 991 GWh as against the projected of 501 GWh. The huge deviations from projected generation and actuals is becoming a cause for concerns as it feeds into wrong assumptions, which tend to be costly.

Financial industry must unite against debt exchange programme – CIIG President

This he said was evidenced in the current economic crisis faced by Ghana namely: high in ation, depreciation of the cedi; high fuel prices; and a high national debt necessitating another visit to the IMF and the current Debt Exchange Programs. About CIIG

The Chartered Insurance Institute of Ghana is the mother body of all insurance professionals in

the country bringing together practitioners from life and general insurance and reinsurance, health insurance companies, broking rms, pensions, securities and trustee rms.

Mr Lartey is the 9th president of the CIIG. He took over from Mr. Tawiah Ben-Ahmed, CEO of Sanlam Life Ghana.

As able marketing practitioners like Peter Drucker have said long ago – the fundamental task of any business is to create and keep the customer. No matter what the offering is, how a business engages its targeted customers and gives them convenience, is the di erence between survival and extinction.

Customers in the banking industry are becoming increasingly dynamic and sophisticated. They are dictating the way banks must relate with

ing model and how service is rendered. Customers are asking for new things such as a shift to branchless banking and virtual transactions.

Banks, therefore, have a lot on their hands in order to harness the requisite skills necessary to keep their customers satis ed.

A recently published KPMG Banking Industry Customer Experience Survey 2022 ranked Absa Bank amongst the top 3 in customer service

The survey highlighted several key areas of strength for Absa, including empathy, personalization, time and e ort, exceeding expectations, integrity, and resolution. The bank was also highly rated for the ease of transferring money between accounts and mobile wallets, with special mention given to its ATM QR code functionality for withdrawing money.

"We are thrilled to see that

our e orts to become the most customer-obsessed bank in Ghana are paying o ," said Evelyn Acquah, Chief Customer O cer at the bank. "Our colleagues have worked hard to provide excellent customer service and we are proud to see that re ected in this survey. Our target is to be a consistent number one in the industry."

Absa plans to roll out new and innovative ways to take its customer commitment to the next level this year.

“We are constantly asking the most critical questions about our operating model and how we can increasingly stand beside our customers and o er them ease and convenience. It is an ethos and approach to work that de ne the Absa way of doing things, Evelyn said.

The bank has been an ever-present nancial institution in Ghana’s banking industry over the last century, playing a crucial role in the country’s socio-economic growth and transformation. The bank aims to continue improving the experience of its customers through the provision of innovative products, digital channels and excellent service delivery.

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

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

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

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

Mr Iddrisu said he was registering the Minority’s dissatisfaction with the Government Debt Ex-

change Programme that was threatening the survival of the nation’s nancial sector.

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

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

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

It was, therefore, not acceptable for the Finance Minister to say that nancial institutions would be a ected by the Debt Exchange Programme but individual bonds holders would not. He said the Programme would further exacerbate the already perilous nancial sector as banks and other nancial institutions were still reeling under the infamous nancial sector bailout.

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

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

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

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

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

Source: GNA

in Ghana. Absa has consistently moved up in the KPMG rankings, starting in 10th position in the rst roll out of the survey in 2016 and maintaining a top 3 position since

Agricultural Development Bank Plc (ADB) has appointed, Eno Ofori-Atta, as its new Deputy Managing Director.

Her appointment takes e ect from December 1, 2022.

In her role, she will assist the Managing Director to provide strategic leadership and direction for the bank to be amongst the

top-tier banks in the country while continuing its core focus of agricultural nancing.

A release issued by the Ghana Stock Exchange (GSE) and copied GraphicOnline said; “Eno Ofori-Atta is an accomplished professional with over 15 years of experience in banking and nancial services, pro-

viding strategic leadership, creating high performance teams across business units and functions at various levels.

She has vast experience in driving business growth, credit administration, risk management, human capital management, the development of business sys-

Agricultural Development Bank appoints new DirectorManaging

tems, strategic planning and strengthening of internal control systems and processes.”

Prior to her appointment, Mrs Ofori-Attah was the Group Managing Director of SIC-Financial Services for ve years where she led the re-de nition of the business strategy, transformational programmes and operational improvements.

She is a former Chief Executive O cer of Pay ex Micronance Company and former Chief Risk O cer of Women’s World Banking Ghana.

The release said her diverse experience has seen her serve in various leadership roles including Branch Operations

Manager, Head of Administration and Human Resources, Head of Risk and Head of Credit Operations.

Mrs Ofori-Atta is a product of Kwame Nkrumah University of Science and Technology where she obtained both a Master in Business Administration and Bachelor of Arts degree in Social Sciences (Law & Sociology).

The ADB Managing Director, Mr Alhassan Yakubu-Tali, congratulated Mrs Ofori-Atta on the appointment and said “Eno brings to the fore a very rich banking experience which will immensely bene t the growth of the Bank.”

The AfCFTA, an opportunity for Africa’s youth to accelerate trade and industrialization

By Eugene Davis

Burkina Faso, that desert landlocked west African country located in the Sahel, might be facing its thornest path to unpredictable political situation. With an approximately 22 million population, majority impoverished largely due to misplaced state planning by the previous political leaders, Burkina Faso has been severely a ected by the rise of militant terrorist attacks since the mid-2010s.

Burkina Faso is not alone. Across the Sahel region, neighbours feared the jihadist insurgency might spread further down from Burkina Faso to coastal neighbours including Ivory Coast, Ghana, Togo and Benin. Nigeria is already consistently ghting Boko Haram and other militant groups.

According to several media reports, Burkina Faso point-blank accused France for not done enough to tackle an Islamist insurgency. The prolonged insecurity resulted

into political instability and military takeovers in January 2022 and September 2022 in the country.

The reports further said Burkina Faso has allegedly made an agreement with Russia's Wagner Group in which the shadowy mercenary out t will help the west African country deal with surging jihadi violence in exchange for a mine.

Russia is broadening its geography of military diplomacy covering poor African countries and especially fragile states that need its military assistance. It has, during its past two decades of raising its economic in uence and ght French neo-colonial tendencies, bartered military equipment to have complete access into mineral resources in Central African Republic, Guinea, Mali and Chad. There are similar cases in Sudan and Libya.

Last year, it su ered two military coups, heavily condemned by the regional bloc

(Economic Community of West African States), and the continental organization (African Union). Both the ECOWAS and AU withdrew Burkina Faso's membership and further imposed some restrictions on the country for its military unconstitutional ascension to political power.

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

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

Reports indicated that the United States has dropped Burkina Faso from its African Growth and Op-

portunity Act (AGOA). The main reason is that United States operates within the framework of protocols of the African Union, and thus Burkina Faso is no longer and logically quali ed for the AGOA trade preference program.

The United States' Trade O ce said Burkina Faso had failed to meet the requirements of the AGOA statute.

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

Frustrations over the government's inability to curb an insurgency spurred two military coups in Burkina Faso in 2022.

Late December, Burkina Faso's military government ordered Barbara Manzi, who

is a senior United Nations ocial, to leave the country, a decision that was contested by the United Nations.

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

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

SIGA awaits cabinet approval on recapitalization of SOEs on local bourse

The State Interests and Governance Authority (SIGA) is awaiting approval from Cabinet on the listing of selected state-owned enterprises (SOEs) that have the potential of making pro t on the Ghana Stock Exchange.

Amb. Edward Boateng, the Director-General of SIGA, announced this at an Editors’ Forum last Thursday at the authority’s o ce in Accra.

“We have made our recommendation to cabinet, so we waiting for the decision of cabinet, I think once they come up with the approval, we can make that public, we are working very closely with the Ghana Stock Exchange.

It is important to all of us that we use that cheaper source of funding to push some of these entities forward.”

The Authority, he said, would also facilitate e orts for the SOEs to secure local and international partnerships with prospective investors towards making them nancially

By Eugene Davis

viable, pro table and enable them pay dividends to government.

Mr. Boateng said SIGA, although created about three years ago, was working to secure its mandate and also position it as e cient and excellent entity, and demands same from entities under its watch.

Further, he indicated that the e ciency with which some SOEs are working will translate in this year’s Attorney-General’s report with fewer infractions being recorded ; “ I have every conviction that this year, 2023 Auditor-General’s report may be one of the best in the country because the infractions are going to reduce and nobody wants to come and sit in front of SIGA for the tough questions.”

The maiden SIGA Editors’ Forum was themed “Understanding the Role of SIGA”, the forum is an initiative of SIGA is intended to strengthen the existing relationship between the Authority and the media and

provide the public with accurate information by way of data, facts, statistics and new developments.

Mr. Boateng lauded the role of the media in nation-building and stressed their importance as key stakeholders in disseminating information and educating the public on activities of Speci ed

He said SIGA was established to oversee government interests in the Speci ed Entities to ensure they operate pro tably and e -

“We are therefore poised to make a change to support His Excellency the President Nana Addo Dankwa Akufo-Addo’s vision for Speci ed entities to contribute 30% to Ghana’s GDP. In light of this, our stakeholders and Ghanaians must be informed of the numerous programmes and initiatives that our Speci ed Entities are implementing to help the country's socioeconomic development. As a result, we will need your understanding and support to communicate our progress, challenges, and success stories to

AfCFTA is key in cushioning African LDCs from external shocks, says ECA’s Karingi

The Economic Commission for Africa (ECA) is supporting regional trade integration through the African Trade Exchange Platform (ATEX), a platform enabling bulk procurement of commodities.

Speaking at a session on integrating regional trade during the regional consultation on LDC5 for Least Developed Countries (LDCs) in Africa and Haiti, ECA Director for Regional Integration and Trade Division, Mr. Stephen Karingi, highlighted the importance of trade within the LDCs of which 33 are in Africa.

Over the past 5 years, about 80% of exports from African LDCs were destined to extra-African countries while about 79% of African LDCs imports were sourced from outside of the continent.

“Mirroring Africa more broadly, the LDC’s largely import manufactured products and

oped a digital B2B and B2G ATEX. The platform provides a safe and secure digital marketplace for pooling Africa’s trade demand, as well as a one point of transparent and competitive access to critical supplies.

Mr. Karingi explained that ATEX digitally enables the trade of the main agricultural commodities and inputs imported by the continent from Russia and Ukraine. These include cereals, fertilizer and associated inputs, oils, oilseed, other products and inputs that support agricultural value chains.

The ATEX trade platform has been established on the back of the establishment of the AfCFTA, which, if fully implemented, is set to accelerate industrialization in Africa and increase the value of intra-African trade by 400 percent and the share of intra-African trade to 26 percent by 2045. This is

rican countries will bene t. Trade gains are expected mostly in the industry, agrifood and services sectors. For example, Ethiopia’s intra-African agrifood sector is expected to grow by 84% and the industry sector in Benin by 63%.

which shows di erent trade restrictions across African countries. For example, little restrictions in Gambia and high restrictions in Tanzania with infrastructure being the most common restriction found.

Despite the trade and industrialization prospects for LDCs offered by the AfCFTA, there were many barriers to industrialization for LDCs. For instance, productive actors are largely resourceand talent-poor Micro Small and Medium Enterprises which were disproportionately led by women and youth including those in the informal sector.

Noting that women face constraints to participation in trade, including access to assets, nance, markets, information,

networks, skills, standards, tech, security at borders, Mr. Karingi said inclusive complementary policies were necessary for national and regional AfCFTA implementation. In line with this, the African Union Assembly decided to include the Protocol on Women and Youth in Trade in the scope of the AfCFTA Agreement. and ECA ensures that gender policy is mainstreamed in the national AfCFTA implementation strategies.

“African LDCs are extremely vulnerable to global shocks due to their current trading patterns and the AfCFTA will be instrumental in cushioning African LDCs from external shocks and bolstering the industrialization of these countries,” said Mr. Karingi.

Housing A Reality In Ghana

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

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

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

2 | P a g e

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

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

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

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

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

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

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

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

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

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9th ARFSD to reviewimplementation of 2030 Agenda and Agenda 2063

Youth and Sports, signed the MoU on Sports and Youth Development.

The MoU on Fisheries was signed by Mr Moses Anim, the Deputy Minister for Fisheries and Aquaculture Development, while that of Academic Cooperation between the Mediterranean Academy of Diplomatic Studies, University of Malta and the Legon Centre for International A airs and Diplomacy (LECIAD), University of Ghana, was signed by Professor Emmanuel Debrah, Director, LECIAD.

Madam Botchwey noted that Ghana treasured the strong relations between the two countries, a relation that dates back to the early 1970s.

of 31 million people but a Ghana that is a steppingstone into the West African market, which is over 300 million,” she noted.

“And also, to see Ghana, even more as that stepping stone into the 1.3 billion market of the (Africa) Continental Free Trade Area (AfCFTA).”

Touching on the Permanent Joint Commission for Cooperation, Ghana’s Foreign Minister said appending their signatures meant that they were endorsing the work of the Commission for implementation.

Ghana and Malta Friday signed four Memoranda of Understanding (MoUs) on Cooperation, Sports and Youth Development, Fisheries and Education in Accra to improve Maltese assistance to these sectors and enhance their activities.

Madam Shirley Ayorkor Botchwey, Ghana’s Minister of Foreign A airs and Regional Integration, held a meeting with Dr Ian Borg, Malta’s Minister of Foreign and European A airs and Trade, after which the MoUs were signed.

Madam Botchwey and Dr Borg signed the Ghana–Malta Permanent Joint Commission for Cooperation (PJCC), while Mr Mustapha Ussif, the Minister of Youth and Sports, signed the MoU on Sports and Youth Development.

The MoU on Fisheries was signed by Mr Moses Anim, the Deputy Minister for Fisheries and Aquaculture Development, while that of Academic Cooperation between the Mediterranean Academy of

enhance their activities.

Madam Shirley Ayorkor Botchwey, Ghana’s Minister of Foreign A airs and Regional Integration, held a meeting with Dr Ian Borg, Malta’s Minister of Foreign and European A airs and Trade, after which the MoUs were signed.

Madam Botchwey and Dr Borg signed the Ghana–Malta Permanent Joint Commission for Cooperation (PJCC), while Mr Mustapha Ussif, the Minister of Youth and Sports, signed the MoU on Sports and Youth Development.

The MoU on Fisheries was signed by Mr Moses Anim, the Deputy Minister for Fisheries and Aquaculture Development, while that of Academic Cooperation between the Mediterranean Academy of Ghana and Malta Friday signed four Memoranda of Understanding (MoUs) on Cooperation, Sports and Youth Development, Fisheries and Education in Accra to improve Maltese assistance to these sectors and

and Trade, after which the MoUs were signed.

Madam Botchwey and Dr Borg signed the Ghana–Malta Permanent Joint Commission for Cooperation (PJCC), while Mr Mustapha Ussif, the Minister of Youth and Sports, signed the MoU on Sports and Youth Development.

The MoU on Fisheries was signed by Mr Moses Anim, the Deputy Minister for Fisheries and Aquaculture Development, while that of Academic Cooperation between the Mediterranean Academy of Ghana and Malta Friday signed four Memoranda of Understanding (MoUs) on Cooperation, Sports and Youth Development, Fisheries and Education in Accra to improve Maltese assistance to these sectors and enhance their activities.

Madam Shirley Ayorkor Botchwey, Ghana’s Minister of Foreign A airs and Regional Integration, held a meeting with Dr Ian Borg, Malta’s Minister of Foreign and European A airs

She recounted the numerous bilateral cooperations including the visit to Accra by the then Maltese President, Marie-Louise Coleiro Preca in 2017, which was reciprocated in 2019 by President Nana Addo Dankwa Akufo-Addo.

She said Otumfuo Osei Tutu II, the Asantehene, and Nana Otuo Siriboe II, the Chairman of the Council of State, were in Malta for a visit.

Madam Botchwey said those high-level visits saw the signing of agreements and MOUs on Bilateral Cooperation, Avoidance of Double Taxations, and Visa Wavers for diplomatic and service passports.

She lauded Dr Borg on the commissioning of Malta’s High Commission building in Accra, which solidi es Malta’s presence in Ghana and also commended him for leading 50-member business delegation to Ghana.

Linking the private sectors of the two countries was extremely important because they

She said Ghana was working towards opening direct air transport between Accra and Valletta, the capital of Malta, and expressed gratitude to Malta for providing scholarships to Ghanaian students and donating vaccines to Ghana.

Madam Botchwey congratulated Malta for being part of the United Nations Security Council (UNSC) as a non-permanent member and where members would be working together to make the world a better place.

Dr Borg, on his part, commended Ghana’s democratic credentials and for being a shining example in the Sub-region.

He said Malta opened her rst Embassy in Sub-Saharan Africa in Accra because Ghana was the most politically stable country in the region.

He noted that the high-level visits between the two countries spoke volumes, coupled with the MoUs, which indicated the wide areas of bilateral collaboration.

Mr Ussif, in an interview with the Ghana News Agency, said the MoU on Sports and Youth Development would enhance exchange programmes be

successfully completed the valve replacement works at its Takoradi Regulating and Metering (R&M) Station.

WAPCo on January 12, 2023, shut down the Takoradi facility to allow for the replacement of some critical valves at the facility aimed at securing the safety

dicated that the replacement exercise was projected to last for 10 days.

He said the WAPCo project team worked collaboratively with their contractors and stakeholders to ensure that the shutdown activities were safely and seamlessly executed and

outcome of the review and op timization of the execution strategy by WAPCo’s team and the Contractor.

“WAPCo is grateful to the West African Gas Pipeline Authority (WAGPA), Ministry of Energy (MoE), the Ghana Grid Company Ltd (GRIDCo), the Volta

tomers with a growing demand for cleaner and more e cient energy in the West Africa sub-region, especially in Ghana. The WAGP is a bi-directional pipeline system with gas supply from both east (Nigeria) and west (Ghana) of the pipeline system.

the Electricity Company of Ghana (ECG) and other key stakeholders for their support to minimize the impact of the shutdown on communities as well as the safe and successful execution of this project.”

The West African Gas Pipeline Company Limited (WAPCo)