Investment Times Newspaper 2023 Edition | Issue 30

FDA supports gov’t industrialization agenda with PLS initiative

Russian energy giant Lukoil to participate in Pecan field

Agric Minister woos rice investors in Thailand

Agric Minister woos rice investors in Thailand

The nal plan for the development of the Pecan eld of the Deepwater Tano Cape Three Points (DWT/CTP) block, in which Lukoil will be a participant, is supposed to be submitted to regulators in Ghana by April 14.

According to Lukoil's vice president for the Americas, Africa and the Middle East, Ivan Romanovsky, if it is ap-

proved the Russian oil company might make the nal investment decision on the project in October-November.

He said the nal development plan is at the stage of being submitted to Ghana’ regulator.

"The deadline for the submission of this application is by April 14. After this, if the gov-

ernment and regulatory bodies do not have any issues, we plan to make the nal investment decision sometime in October-November of this year," Romanovsky said.

The DWT/CTP block covers more than 2,000 square km in the western part of Ghana waters in the Gulf of Guinea.

The sea depth within the boundaries of the block

ranges from 1,600 to 3,000 meters. Seven hydrocarbon elds have been discovered at the block, including ve oil eld and two gas elds.

Norway's Aker Energy holds a 50% stake in DWT/CTP and is the operator of the eld. Lukoil joined the project in March 2014 and the deal was closed in October 2015. The Russian company's stake is estimated at 38%.

Ghana’s Deputy Minister for Food and Agriculture (in charge of Crops), Mr. Yaw Addo Frimpong, has urged investors in the Thailand rice value chain to come and invest in Ghana.

He said such an investment will mutually bene t both Thailand and Ghana, adding that the former has the experience and the technology to support Ghana to become self-su cient in rice production.

Mr. Addo Frimpong, who doubles

Vodafone Ghana Mobile Financial Services Limited (Vodafone Cash) and MobileMoney Limited (MML) have enabled interoperability services that allow MTN Mobile Money and Vodafone Cash

customers pay at each other’s merchant point of sale.

both entities and the Government of Ghana.

MTN Mobile Money customers.

Vodafone Cash enabled merchant point across the country.

Chamber of Mines condemns attack at Golden Star Resources

March 2023.

The attack, which has left several persons injured as well as destruction of property worth millions of Ghana Cedis, pres-

This is a major milestone in creating an enabling environment in furtherance of the nancial inclusion agenda of The Ghana Chamber of Mines has condemned the attack on the Benso concession of Golden Star Resources (Wassa Mine) in the Western Region on Thursday 16th

Prioritise saving distressed

The service went live on March 1, 2023 and is available to all Vodafone Cash and

Customers of both networks can now make direct payments for goods and services at any MTN Mobile Money or

Commenting on this development, Shaibu Haruna, the Acting Chief Executive O cer of MML indicated that “this important

celebrates BOST revival at customer recognition event

Universal Merchant Bank (UMB), a leading indigenous Ghanaian Bank in Ghana recently undertook a recognition and courtesy event for one of its leading customers,

the Bulk Oil Storage and Transportation Company Limited (BOST).

The event was to celebrate the recent successes and revival at BOST including the recogni-

tion of the Managing Director, Mr. Edwin Provencal as the CEO of the year for the Petroleum Sector in Ghana. The prestigious award was

Vodafone Cash, Mobile Money partner to enable merchant interoperability

Vodafone Cash, Mobile Money partner to enable merchant interoperability

“Our [Ghana’s] consumption demand for rice is between 1.2 million and 1.4 million metric tonnes of rice per annum and with this huge gap, the Ghana government together with the small scale rice farmers are only able to do 600,000 metric tonnes,” he said.

He explained that the business forum was a continuation of the rice project that was started some ve (5) months ago.

This process, he said, was initiated through the instrumentality of the Executive Chairman of the JGC, Dr. Siaw Agyepong.

Group of Companies,” she noted.

She indicated that from the inception of the project (last year-2022) till now, a lot of efforts have been put in by her out t towards actualising the rice project.

“Key among the activities accomplished include the following: the setting up of the Asian African Consortium, as a company to drive the rice project; the engagement of high government ofcials including the President of the Republic of Ghana; meeting key sector ministers; key rice sector players and many others,” she pointed out.

MTN Group Ambition of developing the largest nancial services platform in Africa.

We are deeply committed to building an all-inclusive payment ecosystem that provides a platform for all players to ourish. We look forward to partnering with other players in the market

tion network to o er their services to customers”.

Vodafone Cash’s Acting Mobile Financial Services Manager, Judith Adumua-Bossman, stated that “At Vodafone Cash, we believe that partnerships are key to expanding access to nancial services for every-

ating innovative solutions that will help our customers better manage their nancial goals. This is a truly historic moment for us, and this new feature underscores our commitment towards growing accessibility, convenience, and value for our customers.

Agric Minister woos rice investors in Thailand

as the Member of Parliament (MP) of Manso Adubia Constituency in the Ashanti Region, was speaking at the Thailand-Ghana Business Conference at the Grand Fortune Hotel, Bangkok Sunday, March 19, 2023.

The business conference, which brought together captains of Thailand rice industry and the Ghanaian delegation to Thailand, led by the Executive Chairman of the Jospong Group of Companies (JGC), Dr. Joseph Siaw Agyepong, was on the theme: “Ghana-Thailand

Business Forum; Partnership for Sustainable Rice Production in Ghana.”

Members of the Ghana delegation included experts and researchers in various elds drawn from the University of Ghana, Legon, University of Cape Coast, Kwame Nkrumah University of Science and Technology (KNUST), Center for Scienti c and Industrial Research-Crop Research Institute (CSIR-CRI), the Ghana Rice Farmers Association, the Competitive African Rice Platform, traditional rulers, met-

ropolitan, municipal and district chief executives (MMDCEs) and private entrepreneurs with the focus on rice, fertilizer, maize, cassava and poultry as well as executives of the Jospong Group of Companies (JGC).

According to the deputy Agric Minister, as a leader in rice production, Thailand can support Ghana in its e orts to close its rice consumption demand gap, and also produce in excess to export to countries within the West African sub-region.

Following the huge gap in the demand for the consumption of rice in Ghana, President Nana Addo Dankwa Akufo-Addo tasked the Ministry of Agriculture and all in the the private sector to go at any length to ensure self-su ciency of rice in the country, he said.

Mr. Addo Frimpong, therefore, commended the initiative by the private sector being spearheaded by the JGC to go into large scale rice production in Ghana, adding that the government of Ghana has given its full support to the project.

He went on to stress that this project will help ll the rice consumption gap in Ghana.

He was also particularly excited at the level of enthusiasm shown in the Ghana-Thailand rice project by stakeholders in Thailand.

“Apart from that, the interest that has been shown by all stakeholders in the rice industry in Thailand is quite remarkable,” he said.

The Chief Executive O cer of the Asian African Consortium (AAC), Mrs. Adelaide Araba Agyepong, who is the wife of Dr. Siaw Agyepong, stressed the need for an all hands on deck approach to make the President’s vision of boosting rice production in Ghana a reality.

“Evidence shows that the vision of ending rice importation in Ghana goes beyond Jospong

Mrs. Siaw Agyepong underscored that the forging of strategic partnerships was fundamental to the success of the project.

In this regard, she announced that a fully-furnished National Rice O ce for the project has been set up in Accra.

“Three zonal o ces in Koforidua, Kumasi and Tamale for the southern, middle and northern belts respectively will also be ready soon for the project. Adequate and suitable lands have been acquired across the country and ready for cultivation,” she further revealed.

She was upbeat that the visit to Thailand will help concretise and rm up the plans for implementation “as soon as we get back to Ghana.”

In a brief remark, the Executive Chairman of the JGC, Dr. Siaw Agyepong, added his voice to the call by the deputy minister of food and agriculture to captains in the Thailand rice sector to come and invest in Ghana.

He stressed that Ghana was a peaceful and safe haven to do business, assuring them that their investments will be protected.

“I am inviting you to a prosperous country; a peaceful country; a leader in the West African Sub-region, and; a leader in the whole of Africa, especially in the area of peace and stability,” he assured.

ents a growing state of insecurity for our fellow Ghanaians and other international citizens working at the mine, the larger mining industry, and the country.

The Chamber is greatly concerned about the upsurge in attacks on mines in the country and the increasingly hostile and violent acts of the perpetrators despite the presence of Police Ofcers at the mines. The attack has saddled the mine with huge and

avoidable costs in the replacement of destroyed assets and creates a sense of insecurity for the workers of the mine, who are largely Ghanaians.

Mining is a catalyst for development and any attack on a mine is an attack on our national development. Recent events therefore detract from the government’s efforts to position the mining industry as a fulcrum of its economic recovery programme and

preferred country of investments for both local and foreign investors.

“The increasing case of copycat violent attacks on assets and people at the mines is a disappointing watershed in the history of the country.

Since the hike in such attacks has coincided with an upsurge in terrorist-linked attacks at mines in other mining jurisdictions in the sub-region, the

government must prioritize the security of the mines. This would not only reinforce the State’s role as a shareholder in all mining companies and owner of mineral resources but guarantee a conducive environment for mining operations to be conducted. We further wish to commend the Ghana Police Service for taking swift action to arrest the suspects. The Chamber hopes that prosecution will

equally be swift.” CEO of Ghana Chamber of Mines, Dr. Sulemanu Koney.

Background

On Thursday 16th March 2023 illegal small-scale miners set on re some properties belonging to the Golden Star Wassa Mine at Benso in the Western Region. The illegal miners set 12 vehicles among other assets ablaze, including excavators, ambulances and pick-ups, forcing the sta of the company to run for their lives.

presented at the recent Ghana Business Standard Awards where Mr. Edwin Alfred Provencal was adjudged the Petroleum Sector Chief Executive O cer of the Year, 2022 at the 6th Ghana Energy Awards. Mr. Provencal is one of Ghana’s leading CEO’s with a rich track record of delivery. He was in 2019 appointed as the Managing Director for the Bulk Oil Storage and Transportation Company Limited (BOST).

During his tenure of o ce, Mr. Provencal working under the direction of his board and with the support of his sta is reputed to have turned around the fortunes of BOST. The Bulk Oil Storage and Transportation Company Limited (BOST) was formed in 1993 to keep the national strategic petroleum reserves and transport petroleum products from one depot to another throughout the country. Their strategic ambition is to become the number one fuel and logistics business in West Africa and in recent times have chalked many milestones.

Universal Merchant Bank, one of Ghana’s leading indigenous banks is a key nancial services provider to BOST. The Bank was established in 1972 as a policy bank and is reputed to be a growth partner for Ghanaian enterprises. The Bank has

UMB celebrates BOST revival at customer recognition event

been key in several developments in the Ghanaian nancial industry including the establishment of the stock exchange.

Speaking at the event, Nana Dwemoh Benneh, CEO of UMB said “We are truly proud of our relationship with BOST and the growth achieved by BOST in this relatively short period of time, under the inspired leadership of Mr. Edwin Provencal. As a Ghanaian Bank we particularly prioritize our

service to Ghanaian enterprises. We are determined to deploy world class banking solutions to grow BOST into a leader in the Petroleum industry not only in Ghana but West Africa. This will be in line with our heritage of supporting key players in the Ghanaian economy since 1972. We are proud and happy that our banking advisory services and products have played a part in the revival and growth agenda of BOST.”

Prioritise saving distressed companies – AG to IPs …. as Registrar of Companies, GARIA inducts 166 new IPs

The Minister for Justice and Attorney General, Hon. Godfred Yeboah Dame, has encouraged licensed Insolvency Practitioners (IPs) to prioritize saving distressed companies, emphasizing that the hasty winding down of rms that have the potential to be revived could harm growth of the private sector.

In his keynote address, he stated that the primary objective when dealing with struggling businesses should not be liquidation, but instead, e orts should be made to rescue and preserve distressed viable companies whenever possible, considering the impact on employment and other factors.

The Minister's remarks were delivered by his deputy, Hon. Alfred Tuah-Yeboah, at the induction ceremony for the second cohort of insolvency

practitioners organized by the Ghana Association of Restructuring and Insolvency Advisors (GARIA). “Where a business can be saved by restructuring, every e ort should be made by skilled professionals to save it by restructuring it, therefore there is now the need to encourage lawyers, accountants, and bankers to take an interest in the restructuring profession,” Hon. Yeboah said.

Furthermore, he expressed his belief that the expertise of well-trained insolvency practitioners would be highly sought after, given the current global economic conditions and the growing complexity of the business environment.

In a speech delivered by the Bank of Ghana's Head of Resolution O ce, Elliot Amoako, on behalf of the Governor, Mr. Amoako said though the BoG operates in a specialized seg-

ment, the bank would not hesitate to seek the assistance of licensed insolvency practitioners if the need arises.

"I want to stress that the resolution of banks and SDIs is subject to the special resolution regime established for Banks and SDIs under Act 930. The Bank of Ghana however will not hesitate to rely on licensed professionals of the Ghana Association of Restructuring and Insolvency Advisors (GARIA) in the event of any future occurrences."

In addition, he encouraged licensed insolvency practitioners to stay informed about global developments, as increasing level of globalization meant that events occurring in other parts of the world could have local consequences.

At the event which saw the induction of over 160 members to the institution's roll of

In his response, Mr. Edwin Provencal expressed his extreme gratitude to UMB, the board and sta of BOST for their support in his achievement. He recounted BOST’s relationship with UMB, particularly from 2016 to date. He acknowledged that 2017 was a key point in the relationship as UMB stepped up and provided a line of credit for BOST, which allowed the company to begin the revival of its activities.

licensed IPs, the Registrar of Companies, Jemima Oware, reiterated the need for inter-agency collaboration across the nancial spectrum – banking, accounting, taxation, insurance and securities – as well as with the judiciary to promote e ciency in the application of the Corporate Insolvency and Restructuring Act (CIRA).

“It is going to o er greater ability to respond to the local needs of distressed companies, address crossover problems, and will clarify and improve the role de nition of each of these agencies, especially when creditors and other claimants initiate a charge against a distressed company,” she explained, whilst pledging her support for training and related activities.

She stated that the review of the CIRA Regulations is still ongoing, as the Legal Committee of the Registrar of Companies has requested additional work from the consultant. The aim is to ensure that key stakeholders review and approve the regulation before it is passed by parliament to improve the work of insolvency practitioners.

As for the operationalisation of the ORC, she con rmed that they are close to nalizing and approving the strategy document. Once accepted, the plan is to have the ORC self- nancing to carry out its mandate, which includes the establishment of an Insolvency Service Division. This division will regulate insolvency practitioners for the rst time.

In her own words, "After these documents have been accepted, we will move to ensure that the ORC is self- nancing to carry out its mandate which includes the establishment for the rst time, an Insolvency Service Division to properly regulate insolvency practitioners."

CEO of GARIA, George Fosu, explained that the induction ceremony is part of the association's broader objective to equip IPs with the essential core competen-

“In 2017, most banks were unwilling to engage with BOST. UMB, however, was con dent in our plans and supported us, and today we are growing from strength to strength. We will continue to rely on our growth partner , UMB, as we forge ahead to develop and thrive in Ghana.”

The recognition event was well patronized with members of both boards in attendance as well as other senior executives.

cies required to assist businesses and organizations.

He emphasized that current training and education of insolvency practitioners needs improvement, particularly in terms of business modelling, strategy, and corporate balance sheet restructuring. “This ceremony is essential in laying a solid foundation for the inductees to develop the skills and knowledge necessary to assist distressed organizations,” he said.

Additionally, Mr. Fosu noted that the ceremony aims to raise awareness among businesses across the country about the availability of specialized professionals who can provide assistance, particularly in the current challenging economic climate. “It is absolutely critical that entrepreneurs know that they are not alone, which is why we are here," he explained.

Former Chief Justice, Sophia Aku o, who chaired the induction ceremony, commended the inductees for their perseverance and diligence in reaching this milestone. She also advised practitioners to maintain strong morals and values as these are the pillars of success in their respective elds. She emphasized that the character of an insolvency practitioner matters to the stakeholders they represent, as e ective institutions are built on well-rooted value systems. "Your profession is placed in the engine room of our economy, you must raise yourself and be heard on issues concerning the economy, company rescue, and the e ciency of insolvency practice," she added.

Last year, during its rst induction event, GARIA admitted 108 licensed insolvency practitioners into the profession of insolvency in Ghana. Working in partnership with the Registrar of Companies and the Attorney General's Department, the Association has now inducted over 270 IPs into the profession.

The Chief Executive O cer (CEO) of the Asian African Consortium (AAC), Mrs. Adelaide Araba Agyepong, has stressed the need for an all hands on deck approach to make the President’s vision of boosting rice production in Ghana a reality.

She said the vision of ending rice importation in Ghana goes beyond Jospong Group of Companies (JGC).

“It is heartwarming to mention that anywhere that we have been stakeholders both in Ghana and Thailand have shown great support and enthusiasm for this project,” she expressed.

Mrs. Siaw Agyepong was speaking at the Thailand-Ghana Business Conference at the Grand Fortune Hotel, Bangkok Sunday, March 19, 2023.

The business conference, which brought together captains of Thailand rice industry and Ghana’s delegation to Thailand, led by the Executive Chairman of JGC, Dr. Joseph Siaw Agyepong, was on the theme: “Ghana-Thailand Business Forum; Partnership for Sustainable Rice Production in Ghana.”

Members of the Ghana delegation included experts and researchers in various elds drawn from the University of Ghana,

Legon, University of Cape Coast, Kwame Nkrumah University of Science and Technology (KNUST), Center for Scienti c and Industrial Research-Crop Research Institute (CSIR-CRI), the Ghana Rice Farmers Association, the Competitive African Rice Platform, traditional rulers, metropolitan, municipal and district chief executives (MMDCEs) and private entrepreneurs with the focus on rice, fertilizer, maize, cassava and poultry as well as executives of the Jospong Group of Companies (JGC).

Mrs. Siaw Agyepong indicated that from the inception of this project (last year-2022) till now, a lot of e orts have been put in by her out t towards actualising it.

“Key among the activities accomplished include the following: the setting up of the Asian African Consortium, as a company to drive the rice project; the engagement of high government o cials including the President of the Republic of Ghana; meeting key sector ministers; key rice sector players and many others,” she pointed out.

Against this backdrop, Mrs. Siaw Agyepong said forging strategic partnerships was

need all hands on deck approach for Ghana’s rice project —

Asian African Consortium CEO

fundamental to the success of the project.

She also used the opportunity to announce that a fully-furnished National Rice O ce for the project has been set up in Accra.

“Three zonal o ces in Koforidua, Kumasi and Tamale for the southern, middle and northern belts respectively will also be ready soon for the project. Adequate and suitable lands have been acquired across the country and ready for cultivation,” she further revealed.

She was upbeat that the visit to Thailand will help concretise and rm up the plans for implementation “as soon as we get back to Ghana.”

Ghana’s Deputy Minister for Food and Agriculture (in charge of Crops), Mr. Yaw Addo Frimpong, encouraged the investors in the Thailand rice value chain to come and invest in Ghana.

He said such an investment will mutually bene t both Thailand and Ghana, adding that the former has the experience and the technology to support Ghana to become self-su cient in rice production.

According to him, as a leader in rice production, Thailand can support Ghana in its e orts to close its rice consumption

FDA supports gov’tindustrialization agenda with PLS initiative

The Progressive Licensing Scheme (PLS) is an initiative of the Food and Drugs Authority (FDA) launched in July 2020 to support micro and small-scale industries to progressively comply with Good Manufacturing Practices to ensure quality and safe products on the market.

The initiative contributes signi cantly to economic development by maintaining consumer con dence in the food system and providing sound regulatory foundations by supporting Government's Industrialization Agenda.

The PLS coupled with the FDA’s risk-based product regis-

tration process has ensured that locally manufactured food, cosmetics, and household chemical substances reach the market faster without compromising their quality, safety, or wholesomeness.

The Scheme uses a 3-tiered approach for licensing the micro and small-scale manufacturing facilities: issuing pink, yellow, or green licenses based on the level of compliance. The targeted Good Manufacturing Practice (GMP) Training and technical assistance provided to clients of the PLS enables them to meet fundamental requirements of GMP.

Data from the FDA indicates

that prior to the commencement of PLS in 2019 ve (5) percent of micro and small-scale enterprises that applied for licensing were licensed only after meeting the full requirements. Following the implementation of PLS this performance has increased to one hundred (100) percent. As at the end of December 2022, nine hundred and fty-two (952) facilities have been licensed under PLS: six hundred and sixty (660) food manufacturing facilities and two hundred and ninety-two (292) cosmetics and household chemical substances.

For products registered, prior to the commencement of PLS in 2019 fty-two (52) percent of product registration applications

demand gap, and also produce in excess to export to countries within the West African sub-region.

“Our [Ghana’s] consumption demand for rice is between 1.2 million and 1.4 million metric tonnes of rice per annum and with this huge gap, the Ghana government together with the small scale rice farmers are only able to do 600,000 metric tonnes,” he disclosed.

He explained that the business forum was a continuation of the rice project that was started some ve months ago.

That process, he said, was initiated through the instrumentality of the Executive Chairman of the JGC, Dr. Siaw Agyepong.

Following the huge gap in the demand for the consumption of rice in Ghana, President Nana Addo Dankwa Akufo-Addo tasked Ghanaians to go at any length to ensure self-suciency of rice in the country, he said.

Mr. Addo Frimpong, therefore, commended the initiative by the private sector being spearheaded by the JGC to go into large scale rice production in Ghana, adding that

the government of Ghana has given its full support.

He went on to stress that this project will help ll the rice consumption gap in Ghana. He was also particularly excited at the level of enthusiasm shown in the Ghana-Thailand rice project by stakeholders in Thailand.

“Apart from that, the interest that has been shown by all stakeholders in the rice industry in Thailand is quite remarkable,” Mr. Addo Frimpong said.

In a brief remark, the Executive Chairman of the JGC, Dr. Siaw Agyepong, added his voice to the call by the deputy minister to captains in the Thailand rice sector to come and invest in Ghana.

He stressed that Ghana was a peaceful and safe haven to do business, assuring them that their investments will be protected.

“I am inviting you to a prosperous country; a peaceful country; a leader in the West African Sub-region, and; a leader in the whole of Africa, especially in the area of peace and stability,” Dr. Siaw Agyepong assured.

We

Dr Delese Mimi Darko, CEO, FDA

submitted by micro and small-scale enterprises were registered. Following the implementation of the PLS this performance increased to ninety-one (91) percent. To date the total of 2,917 products have been registered under PLS: 2,405 food products and 512 cosmetics and household chemical substances.

The PLS commenced with the food industry in 2020, cosmetics and household chemical substances industry in 2021, will also include the herbal medicine industry in 2023. This move, the FDA explained is to extend the success stories of PLS to the herbal medicine industry.

The PLS compliments the FDA ‘Buy Ghana, Love Ghana’ campaign initiative which aims to stock 60 percent locally manu-

factured FDA regulated products in high-end supermarket chains in Ghana. With the commitment of collaborating supermarkets to stock products registered by the Authority, there has been an increase in the stocking and sale of registered locally manufactured products in A-rated malls and supermarkets across the country.

FDA’s CEO, Dr Delese Mimi Darko has emphasized the Authority’s commitment to ensure that products which are registered through the scheme meet both local and international standards. “We are determined to continuously pursue this agenda with our partners including the GEA, the Ghana Export Pro-

motion Authority, and the Ghana Standards Authority” she said.

Dr. Darko also called on local manufacturers to increase their production levels whilst maintaining high-quality standards at competitive prices in order to boost domestic demand that will drive economic growth.

Data from the Ghana Export Promotion Authority (GEPA) shows that Non-Traditional Exports (NTEs) have signi cantly increased since 2017, and particularly in 2020 when the PLS was introduced. For example, NTE earnings for the period January to December 2021 amounted to US$3.33 billion, re ecting a growth of 17 percent over the 2020 earnings. The bulk of these exportable products falls within the framework of the PLS, com-

prising cocoa paste, re ned palm olein, powdered pepper, fruit juice, processed shea, plantain snacks, and cosmetics among others.

The PLS has already absorbed part of the licensing fee of some 500-member facilities to the tune of almost GH¢1.850 million. These companies are micro or small enterprises as de ned by the GEA.

The three-stage-licensing level of the PLS (i.e., Pink, Yellow and Green) focuses on small and micro-scale and cottage-scale food and cosmetics producers. The scheme relies on high-quality, transparent and independent scienti c advice.

Bene ts of the scheme in-

clude access to technical support and training in Good Manufacturing Practices (GMP), shorter processing periods, and subsidized application fees.

The success story of PLS cannot be told without mentioning FDA’s strong collaboration with the Ghana Enterprises Agency (GEA) Mastercard Foundation Young Africa Works program that provided funds for young entrepreneurs on the PLS. FDA invites all micro and small-scale manufacturers in food, cosmetics, and household chemical substances and herbal medicine industries to join the scheme.

Global Chamber of Business Leaders appoints Laila Rahhal El Atfani as Member of Board of Advisors

The Global Chamber of Business Leaders (GCBL) has announced the appointment of Her Excellency Laila Rahhal El Atfani as a member of its Board of Advisors.

H.E. Laila Rahhal El Atfani is the Founder and Chief Executive O cer of Business Gate Dubai and I am Africa Platform.

She joins GCBL with vast experience and knowledge of the global business community, having served a number of leading international business and non-governmental organizations.

H.E. Laila Rahhal El Atfani is also the founder of Women’s Business Circle, Founder and Vice President of Refai, an NGO based in Switzerland.

She currently serves as the President of the Women’s Empowerment Annual Association, and is a co-founder of the Youth Gate, a non-governmental organization based in Cambodia.

Furthermore, she is the Founder of Business Incubators for SME.

She previously served as Partner and General Manager of MACAN Fuel and Petroleum Trading, Executive Director of Andrew & Son's Petroleum Trading, Administration Manager of AL MASAR Group.

H.E. Laila Rahhal El Atfani is a co-author of the Amazon bestselling book: 'Lady Diversity Power: Why Diversity Is the New Way to Do Business.'

South Africa High Commissioner pledges more investments with Ghana …as country marks Human Rights Day

The South African High Commissioner to Ghana, Grace Jaenet Mason, has announced plans of more investments between her country and Ghana aimed at boosting trade volumes and intra-africa trade.

Trade between Ghana and South Africa is already in excess of US$5 to 6billion annually, and available data reveal that as of November 2022, the top exports of South Africa to Ghana were Hot-Rolled Iron Bars (ZAR294M), Organic Composite Solvents (ZAR238M), Trailers and semi-trailers, not mechanically propelled... (ZAR229M), Delivery Trucks (ZAR194M), and Machinery Having Individual Functions (ZAR176M).

Speaking with the press during the Global South Africans reception and the commemoration of Human Rights Day, on Tuesday, at her residence in Accra, she said “we can do more and we will do more, the Africa Continental Free Trade Area (AfCFTA) is a catalyst for us to do more, create value chains so in all sectors Ghana will nd what they have as a niche in indus-

tries, economies and South Africa will also have our niche as we tend begin to collaborate, trade.

We are already trading and as you look, we have got over 200 South African companies that are all over from our mining sectors to services, banking sectors and we are bringing in more in terms of investments, infrastructures, development, more trade, more services, we are going to use precisely the reason why we do it on the backdrop of AfCFTA is because there is a blackfold and we also have instruments that makes ease of business more easier with none of the areas to trade.

As we noticed last week, Ghana and Nigeria were trading in terms of Pan African payment settlement system so that is the next opportunity for South Africa and we are going to be trading but it’s a vision our forefathers had for us; now is implementing it.

There are targets and the Secretary General of the African Continental Free Trade Area has been given out pronouncement and feedbacks

from the meetings of the leaders of the elderly section of the AU and in there are the results and progress made to date. I particu larly is looking forward to the protocol that we envisage to sign in July of 2023 which is a protocol on women and youth and trade.

Human Rights Day She also disclosed that, with South Africa being a new member of the UN Human Rights Council will leverage on its mem bership to ensure the protection of human rights and freedoms.

March 21 is celebrated as a public day in South Africa to remember the killings committed on 69 South Africans during the apart heid era.

“In South Africa today, it is public day and a human rights day -this is a day we celebrate, as we celebrate we remember the atrocities that were committed by the apartheid era where 69 South Africans that were protesting were killed ..so this is a day we say never again and to say that South Africa has a constitutional democracy, we have a bowl of rights and enshrined in our bowl of rights is our constitution, our democracy, equal rights, right to freedom, right to education, freedom to speech.

Ideally this day is our Human Rights Day and our theme which is consolidating human rights and looking into the future and also to know that SA is part of the United Nations Human Rights Council from the 1st of January, 2023 for three years…so in these platforms and areas, are where we will be advocating for human rights”

She added that her Global South Africans are excited to be living and doing business

in Ghana, indicating that over 500 South Africans are doing business in Ghana.

The Global South Africans (GSA) is a project led by Brand South Africa to enlist the talent, experience and credibility of South Africans living abroad, permanently or temporarily to help realise the promise South Africa demonstrated in the “miracle” of 1994 and the National Development Plan (Vision 2030).

Unexpected miracle: vodafone's ultra sound programme delivers more than expected

In rural communities across Ghana, expectant mothers struggle to access a ordable and convenient prenatal care, increasing the risk of maternal and newborn deaths. Dora Manwuro, a 29-year-old mother of three, knows this all too well.

Living in Amanase, a remote village in the Ayensuano District of the Eastern Region, Dora had been paying GHC30 for every ultrasound scan during her pregnancy and had to travel to Suhum or Asuboi for the service. Many expectant mothers across Ghana face similar healthcare challenges.

However, an initiative by the Vodafone Ghana Foundation has been changing the game since 2015. Through the Rural Ultra sound Scan Programme, preg nant women in remote villages

across the country can access free mobile ultrasound services. To date, the programme has helped provide free ultrasound scans to over 20,000 pregnant women.

Dora became intrigued when she heard through her community’s information centre that the programme would provide free ultrasound scan services for pregnant women in her community, and she decided to take part.

Her decision turned out to be well-timed.

“When I got to the health

four-star diets. I was then ushered into the scan room where I had my scan done. I saw my baby, and the report was given to me. We were also given snacks.”

However, just minutes after receiving her scan, Dora began experiencing cramps in her abdomen. The midwives who were present quickly assessed her and said labour had started. They rushed her to the ward where, shortly after, she gave birth to a bouncing baby boy.

“It was like a miracle to me,” Dora says. “If not for the scan programme, I would have had to pay for transportation to the clinic, and I may have arrived

and I heard this was the rst time this has happened during a scan service by Vodafone,” she said happily.

This initiative is also in line with Vodafone Ghana’s “Inclusion for All” purpose pillar, which aims to make the benets of digital society accessible to all. The provision of free ultrasounds is a step towards addressing the needs of pregnant, underserved women while harnessing the power of portable, life-saving technology.

Patricia Obo-Nai, CEO of Vodafone Ghana, emphasised the importance of partner-

childbirth, and we are committed to leveraging technology to reduce maternal and neonatal mortality rates in Ghana.”

For Dora, the Rural Ultrasound Scan programme has had a signi cant impact on her life, and she recommends it to all pregnant women. “The services are free, and the sta are friendly as well,” she said. “You get answers to all your questions and get snacks after the programme.”

With initiatives like the Rural Ultrasound Scan programme, Vodafone Ghana is taking important steps to address the healthcare challenges facing underserved communities in Ghana and ensure that no mother or child is left behind.

Huawei’s FinTech 2.0 to Support Ghana’s Mobile Money, Deepen Financial Inclusion

[Accra, Ghana, March 20, 2023] Huawei on Thursday, March 16, 2023 delivered its position on the Ghana Chamber of Telecommunications’ 2023 Mobile Technology for Development (MT4D) Conference dubbed, “Driving Digital Inclusion In The Real Economy” with its FinTech 2.0 Solution.

At the event, held at the Kempinski Hotel in Accra, Mr. Lee Maina, Head of FinTech, Huawei Southern Africa Region indicated that, Huawei as a Global Leader in FinTech Solutions with insight on current trends in Ghana, Kenya and other Sub-Saharan countries where inclusion has heavily been driven by mobile money and its reach to the unserved and underserved, believes that: “It’s the ideal time to expand FinTech from being ubiquitous to a tool used in deepening nancial inclusion to help drive value for the real economy.”

According to Mr. Lee Maina, Mobile FinTech space is entering a new phase where customer data is becoming more critical in the endeavor to authenticate, o er the most suitable services and in carrying out more precise credit assessments. “This is no longer those “nice to have” approaches but a vital cog in retaining and gaining market share in an ever-crowding industry where even new entrants are challenging established incumbents.”

In the race for ownership of the customers’ mind share, we believe the winners will be the ones that will have the most valuable, relevant, holistic and authenticated body of data that enables them to o er the most suitable services to customers, at the most suitable time and at a user speci c pricing.

For us to generate this rich data that’s scattered across di erent sectors, platforms and players, there is the need for concerted efforts from all stakeholders not only in bringing everyone online but also in collapsing our approach to technology from Silo based to layer based where information is easily shared. Huawei’s FinTech 2.0 seeks to bridge this gap created by fragmentation by bringing this layered approach not just to FinTech Technology but also in the upselling of ideal services where the personalized proposition for each user deepens based on our understanding of each customers habits and needs.

As a world-leading ICT enterprise, Our Vision and Mission is to bring digital to every person, home and organization for a fully connected and intelligent world. With Fintech 2.0, we continue to invest heavily in FinTech research and innovation, supporting players in the FinTech space to create end to end solutions that will bring the value chains online, basically seeking to solve some of the persistent problems they may be having beyond payments.

That way, we remove any lethargies to adoption extending their resilience, ultimately generating the required data to extend services & drive localized innovation and ensuring e cient deployment of capital and resources.

For the Ghanaian market, Huawei has deployed its Finance and payments cloud as part of its FINTECH 2.0 strategy which boasts micro loan, buy now pay later, shoppers’ loan, overdraft, savings, Super apps with mini apps etc. allowing FinTechs in Ghana to enjoy them on SAAS (Software As A Service) mode with minimal investment whiles o ering them the exibility to localize the solutions and utilize the local developer ecosystem for scale & support via a low code/no code developer platform.

Its estimated that Ghana has over 20K developers and the local universities add approximately 1K new developers into the job market annually. It’s not viable to absorb all these talents in the current job environment nor will all the surplus have an equal stab at entrepreneurship, it is therefore prudent to devise a sustainable way to accommodate them into our FinTech strategy and ecosystem and they will play a vital role not only in scaling our services to the longtail customer segments but also in driving local innovations. Huawei Low code/no code developer solution empowers FinTechs to achieve this vision.

“We have deployed our FinTech in more than 40 sites globally which is currently serving more than 400M customers, so It’s not just Technology but our ability to package all this best practice learnings from other successful sites and bring that success DNA to your project to ensure faster time to revenue. Huawei seeks partnerships in Ghana with like-minded organizations to deepen nancial inclusion”, - Lee Maina – Huawei Head of FinTech, Southern Africa region.

About MT4D Conference Mobile Technology for Development is an event that provides the platform for stakeholders within the nancial, technology and development sector to converge at a single location to share ideas, exhibit solutions and take stock of innovations in payments, deposit, credit, remittance and insurance, and build partnerships for enhanced e ort towards nancial inclusion in Ghana. Through the insights and perspectives shared policy ideas is formulated to in uence policies on nancial inclusion.

The event is the largest gathering of Fintech players, innovators, regulators, investors, big techs, developmental communities, and

Slamm Technologies signs MoU with AmaliTech Ghana to equip students with digital employable skills

Slamm Technologies Limited –a leading global Information Technology (IT) services provider – has partnered with AmaliTech Ghana Limited to provide employment opportunities and industry experience to young Ghanaians in the technology space. The collaboration, formalised with the signing of a Memorandum of Understanding (MoU), will focus on three areas upskilling students in web and software development; mentorship programs, as well as employment, National Service, and internship opportunities at AmaliTech.

Speaking at the ceremony, Head of IT Training Support and Services at Slamm Technologies, Prince Carl Tu uor Frimpong, who signed the MoU on behalf organisation explained that the partnership aims to bridge the skills gap in the country and equip young persons with the necessary tools to excel in the digital world.

“This MoU is to support the development of Ghana's youth by providing them with valu-

able employment opportunities and industry experience in the technology sector. As part of the initiative, Slamm Technologies will seek to connect its graduates with digital and non-digital programs o ered by AmaliTech and these programmes are designed to equip participants with the skills needed to work as freelancers or secure decent job opportunities upon completion of their training,” he said.

He stated that the agreement forms part of Slamm Technologies' e ort to contribute to the rapidly growing tech space and the country's overall economic growth.

“The partnership between Slamm Technologies and AmaliTech Ghana Limited represents a valuable opportunity for Slamm Technologies to expand its reach, improve the employability of its graduates, and support the growth of the tech industry in Ghana,” Mr. Frimpong further remarked.

On his part, the Director of Operations at AmaliTech Ghana, Matthew Opoku-Darkwa, reiterated the need to train more young people, especially women, in the

digital space. According to him, Slamm Technologies represents the ideal partner to help recruit people operating in the tech space, particularly women, to their service centre.

“This agreement is in place to encourage more participation in the tech sector, and we need to support our young people who are interested in technology, particularly

women. This agreement aims to prepare these students for the local as well as the global job market,” he said.

He was optimistic that the union will achieve its objective of giving young people who are interested in technology jobs that require technical skills for both the domestic and global markets.

Elaborating further on the op-

portunities presented by the partnership, Executive Secretary at Slamm Technologies, Cinzia Amartei, stated that graduates of the Software Development programme would be considered for promotion to Level 2 of AmaliTech's GTP programme. This, she added, would hinge upon passing assessments in areas such as HyperText

Markup Language (HTML) and Cascading Style Sheets (CSS).

The graduates would also have access to AmaliTech's Digital Innovation Programme for National Service and freelancing opportunities, she noted. “The primary objective is to connect Slamm Technologies’ graduates with AmaliTech's Graduate Trainee Programme, with a focus on web

and software development, although not limited to it. Successful completion of the programme would lead to employment as a software developer,” she said.

Prince Carl Tu uor Frimpong, Head of IT Training Support and Services at Slamm Technologies, left signing the MoU with Matthew Opoku-Darkwa, Director of Operations at AmaliTech Ghana

Media must heed the call to promote tourism

By Philip Gebu

In recent months, calls on media to promote tourism has intensi ed. The latest to add his voice is The Deputy Minister of Tourism, Arts and Culture, Mark Okraku Mantey. He stated that the tourism sector, one of fastest-growing industries in the country, needs media support to sustain progress. The sector contributed US$2.1billion to the economy in 2021 and was estimated to have generated about US$2.3billion by the end of the year 2022, making it one of the fastest-growing sectors. Against this background, Mr. Okraku said the support of the media is needed to highlight key tourist attraction sites across the country so as to attract more tourist, both internal and external.

Mr. Francesco Frangialli, the former UNWTO Secretary-General once expressed the view that, modern day tourism is highly dependent on media reporting. I agree with him because, a vast majority of travel decisions are made by tourists who have never been to their anticipated destination. Many of the travellers around the world today are making their travel decisions on their own with little or no help from tour operators. To make these decisions they use information from multiple media sources which include the print and electronic not overlooking the social media. Tourists usually decide on the destination rst, based on what they have heard or seen from the media.

By Philip Gyebu

With many Ghanaians using social media means sites like Tik-Tok, and the others must be used to pave the way.

The media today has evolved into a multi-faceted force that has become an integral part of our life, in uencing almost everything we do. The media is no longer con ned to one way communication. Using available technology and social media, we can now communicate and interact with one another anywhere on planet earth instantly. Today information virtually has no barriers thanks to this media explosion.

The role of the media in promoting tourism should not be limited to only the traditional media such as television, radio, newspapers, magazines etc.

The focus of media should be about promoting the following good practices;

• Protection of the environment and minimizing negative social impacts of tourism.

• Generating greater economic bene ts for local people and enhancing the well-being of host communities through the multiplier e ect.

• Making positive contributions to the conservation of natural and cultural heritage and promoting the world’s diversity.

•Providing more enjoyable experiences for tourists through more meaningful connections with local people, and a greater understanding of local cultural, social and environmen-

tal issues.

While the media is to contribute positively to the development and growth of the tourism industry, there have been occasions where the media has adversely a ected tourism in several countries including Ghana.

A rejoinder to foreign newspapers and other news outlet who do not carry favorable news about Ghana is necessary. We all can attest to the fact that any negative stories a ected tourism in Ghana and the continent as a whole. But, should all the blame be attributed to the foreign media alone? What about the local media in Ghana? Why don’t we have an African centered media house from where most African media houses will take their news feed. Currently, most if not all our international news are taking from foreign sources. Bench Event conducted a research on doing business in Africa. The rst question asked was; what is the biggest in uence in your opinion of doing business in Africa? It was reported that Media accounted for 17%, Family and Friends 6%, Business partners 28%, Firsthand experience 46% other (please specify) 3%. Question two was about those who have not/never done business Africa. It was reported also that the Media accounted for 71%, Business Partners 14%, First-hand experience 14%, other 1%

The above research ndings

showed that for companies who had never done business in Africa, 71% were in uenced by the media. The point I’m making is simple; irrespective of the hard work of government, the Ghana Tourism Authority, all the various stakeholders and newspapers like the Business and Financial Times etc, the bad reportage by reckless media houses will thwart all the positive e orts. The media must keep telling the positive stories about Ghana and ght all negative news from foreign media. When the negative news happens, they must be circumspect in reportage. The UNWTO has many documents and reports on how to report negative news. Media practitioners who don’t know must eat their humble pie and learn. After all knowledge is power. These negative news reportage a ect international arrivals as well as foreign direct investment. In stark contrast, if a destination in Ghana is portrayed as unsafe no tourists will ever dream of visiting the destination in question.

On the other hand it is important to mention that there are also examples where the media directly helped destinations e ected by disasters to bounce back. A classic example was the 2002 bomb blast in Bali which was a direct attack on tourism, killing 202 people. The impact was devastating in a place where 25% of regional GDP depended on tourism. However public

media stepped in, and started a continuous dialogue with the Indonesian Government. They publicized a series of steps taken by the government to address the issue, how the evidence was investigated to capture the bombers, how government o cials met the families of victims and shared their losses. The world was reminded that Balinese people have a gentle and religious outlook, and this played a key role in the recovery of Bali’s image as a safe and charming tourist destination. In order to show that Bali had recovered, the government stimulated domestic tourism. The media showed the world that hotels, beaches, shopping areas and other tourism attractions have returned to normalcy. These e orts helped rebuild tourism in Bali. During the last 3 decades.

It is my hope that the media will help promote tourism by visiting tourist sites and helping expose these sites to the public.

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

Consider cocoa pricing in your legislation- COCOBOD Chief tells EU

ability. “Although deforestation is a huge challenge, we must consider that cocoa is the only crop which has preserved Ghana’s forest and supported global e ort”, he emphasized.

On the issue of pricing, he mentioned that the Living Income Di erential (LID) policy was introduced to mitigate poverty among cocoa farmers in Côte d'Ivoire and Ghana and it is therefore imperative that particular attention is paid to the cocoa farmer who forms the basis for all the discussions. The Chief Executive added that the Board has introduced the Cocoa Management System (CMS) to ensure cocoa traceability and sustainability.

building stronger relations with COCOBOD in its e orts at ensuring traceability and sustainability.

He acknowledged the concerns raised, admitting, that the current pricing framework does not match the living income of cocoa farmers in the two leading producing countries.

According to him, there is the need for the European Union to take steps to ensure that cocoa farmers income and livelihoods are improved to correspond with their inputs in cocoa production.

He commended the Ghana and Cote d’ Ivoire for their initiative to introduce the LID to mitigate the plight of cocoa farmers.

Chief Executive of Ghana Cocoa Board (COCOBOD), Joseph Boahen-Aidoo, has reiterated his call on the European Union (EU) to reconsider the element of cocoa pricing in its legislation.

According to him, the legislation in its current form cannot sustain the industry and improve incomes of cocoa farmers.

Mr. Boahen Aidoo made these

comments when he met with a four-member delegation from the European Union to among others discuss ongoing conversations on sustainability, traceability and child labour withn the sector.

The EU is the world's largest importer of cocoa, accounting for 60% of world imports. Côte d'Ivoire, Ghana and Cameroon are major suppliers of cocoa into the EU market, with Ghana producing best premium quali-

Mr. Aidoo said Ghana is committed to maintaining its status as the best producer of premium quality cocoa in the world, in addition to ensuring that cocoa cultivation is devoid of deforestation and use of services of children in cocoa farms and urged the EU to ful l its part of the social contract.

The COCOBOD chief mentioned that, Ghana has worked to provide a common ground for sustain-

According to him, with all these interventions in place, the EU must also ensure that they meet their end of the bargain by paying the right prices for cocoa. He was grateful to the EU for various support and their Sustainable Cocoa Initiative to enhance the sustainability of cocoa production and trade.

Head of Cooperation, EU delegation to Ghana, Massimo Nina, who led the team, said the EU is committed to

Mr. Massimo Nina further added that the Union would work closely with collaborators to ensure equitable pricing for cocoa farmers. “I must say your processes towards ensuring sustainability, traceability and elimination of child labour within the sector are on a good track”, he added.

The EU has over the years committed to a set of concrete time-bound actions to improve the sustainability of the cocoa supply chain in West Africa, to halt deforestation and child labour, and improve the living

Chinese President Xi Jinping meets

with Russian President Vladimir Putin in Moscow

Chinese President Xi Jinping met with his Russian counter part, Vladimir Putin, at the Kremlin on his arrival in Moscow on Monday.

When Xi reached the Kremlin, he was greeted by the Kremlin Commandant at the alighting point. Putin warmly shook hands and took photos with Xi. The two presidents had an in-depth and candid exchange on China-Russia relations and issues of mutual interest.

Xi stressed that there is a profound historical logic for China-Russia relationship to reach where it is today. China and Russia are each other's biggest neighbor and comprehensive strategic partner of coordination. Both countries see their relationship as a high priority in their overall diplomacy and policy on external a airs.

prevailing trends of the world, said Xi.

China is rm in keeping to the general direction of strengthening strategic coordination with Russia, Xi said, adding that both China and Russia are committed to realizing national development and rejuvenation, support world multi-polarity and work for greater democracy in international relations.

Xi said the two countries should further deepen practical cooperation in various elds and strengthen coordination and collaboration on multilateral platforms such as

Russia and once again warmly congratulated him on his reelection as Chinese president. With concerted e orts by both sides, Russia-China relations in recent years have delivered fruitful results in various areas, Putin said, adding that Russia stands ready to continue to deepen bilateral practical cooperation, step up communication and collaboration in international a airs, and promote world multi-polarity and greater democracy in international relations. The two sides had an in-depth exchange of views on the Ukraine issue.

adding fuel to the re. A review of history shows that con icts in the end have to be settled through dialogue and negotiation.

China released a document on its position on the Ukraine crisis, advocating the political settlement of the crisis and rejecting the Cold War mentality and unilateral sanctions, said Xi.

China believes that the more di culties there are, the greater the need to keep space for peace. The more acute the problem is, the more important it is not to give up e orts for dialogue. China will continue to play a constructive

role in promoting the political settlement of the Ukraine issue,

For his part, Putin said thatsistently upholding an impartial, objective, and balanced position and standing for fairness and justice on major international issues. Russia has carefully studied China's position paper on the political settlement of the Ukraine issue and is open to talks for peace. Russia welcomes China to play a constructive role in this regard.

The two presidents said that they look forward to formal talks on the next day to draw up a new blueprint for China-Russia comprehensive strategic partnership of coordination in the years to come.

Source(s): Xinhua News Agency

Akufo-Addo awards Emirates with Presidential Honour for Distinguished Service in fight against COVID-19

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

To take advantage of the military activities and the strategic importance of Ghana to Spain, Vice Admiral Alfonso Delgado and Brigadier General Ángel Herrezuelo accompanied Lieutenant General Francisco Braco Carbó.

Lieutenant General Francisco Braco led the team to hold

high-level meetings with local authorities and other key government o cials including the Minister of Defence, Hon. Dominic Nitiwul, Vice Admiral Seth Amoama, Chief of the Defence Sta , Rear Admiral Issah Yakubu, Chief of Naval Sta and General Francis Adu Amanfoh, Special Presidential Advisor for the Accra Initiative.

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

Minority vindicated over Aker-AGM Block sale to gov’t- Armah-Kofi Buah

The minority National Democratic Congress (NDC) in Parliament has been vindicated by Aker Energy’s decision to relinquish its interest in the AGM South Deep Water Tano Cape Three Points (SDWT/CTP) block, deputy Minority Leader, Emmanuel Armah-Ko Buah has stated.

According to him, the minority during a debate on the oor of the House on the deal in 2021 vehemently opposed the proposed sale of the block to government at the cost of Ghc 1.65billion, arguing that it was not in the interest of the nation.

Addressing a press conference in response to a news publication that suggests that, the minority has been silent on the decision by AGM, a subsidiary of AKER Energy, to pull out of the US$1.65 billion transaction with the Ghana National Petroleum Corporation (GNPC),

the former Energy minister showed videos of himself debating against the proposed sale on the oor as a vindication of his side.

Energy Minister, Dr Matthew Opoku Prempeh told parliament that government fully backed GNPC’s decision to acquire stakes in the $1.6bn Aker-AGM deal to acquire 70% stake in the South Deep Water Tano (SDWT/CTP) and another 37% stake in the Deep Water Tano/Cape Three Points (DWT/CTP).

Until the recent announcement, the SDWT/CTP was operated by AGM Petroleum Ghana Limited while the DWT/CTP is operated by Aker Energy Ghana Limited. Apart from the NDC minority, some civil society organisations have raised issues about the acquisition describing it as threatening the country’s economic and scal outlook.

The CSOs who raise red ags about the valuation includes IMANI Africa, Africa Centre for Energy Policy (ACEP) and other petroleum among other energy experts.

According to the Ellembele MP, the minority stood up for Ghanaians when AKER tried to sell the AGM block emphasizing that, that it was not of value and was risky but the NPP Government nearly paid over $1 billion for it.

“The minority in parliament stood up when Aker tried to sell the AGM south deep water Tano block, we stood up and spoke and we will never betray the people of Ghana.

“…we want to basically let the people of Ghana know that we stood up. We continue to stand up, when it came to the issue of Aker basically coming to parliament to water down our take as a country and to reduce the power of the regu-

lator the Petroleum commission, we spoke about it. We insisted it was wrong and today we know it; AKER has basically been dilly dallying the people of Ghana and has not developed our elds. Sadly, we have three development elds,” Mr. Armah-Ko Buah stated.

Ghana would have lost over $ 1 billion had GNPC acquire the blocks but for the minority’s opposition to the deal.

The caucus said the recent announcement by AGM of relinquishing the block vindicates its position against the propose sale to GNPC.

According to the news publication, the NDC have some competent materials who have, at various times, worked in the Energy Ministry and understand the fallout of the botched transaction, but observers have been worried at the deafening silence of the minority, especially those on

the Mines and Energy Committee.

Amongst these are; Edward Bawa, Member of Parliament Bongo in the Upper East Region and the Ranking Member, John Jinapor, MP for Yapei-Kusawgu in the Savanna Region, Kwabena Donkor, MP for Pru East in Bono East Region and Emmanuel Armah Ko Buah, the MP for Ellembele in the Western Region. They have either been spokespersons, deputy ministers, or substantive ministers at the Energy Ministry; interestingly, they have kept total silence on the matter since news broke that the transaction had collapsed because AGM had pulled out, technically, handing over the oil some state o cials were willing to sink over US$1.65 billion for free. The NDC minority addressed the media to discredit the claim by the new report.

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

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

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

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

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

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

He explained that since 1945, the 33 multilateral institutions

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

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

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

Organization (FAO).

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

Women empowerment at GCBL

Meanwhile, he said at the

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

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

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

As Nigerians prepare to go to the polls on Saturday to elect a new president, a cash shortage caused by a policy to exchange old Naira notes for newly designed bills continues to cripple the economy, creating a rift in the ruling All Progressives Congress (APC) party. The note swap plan championed by incumbent President Muhammadu Buhari has led to violent protests across the country and resulted in a temporary suspension of banking e Supreme Court to overturn the policy, citing severe hardship faced by people and businesses dependent on cash for survival. Buhari’s apparent intention behind the policy is to curb vote buying by politicians, turning a deaf ear to APC governors who have made repeated calls to postpone the implementation of the policy. Amid fears of the current tensions spilling over to political violence, Buhari said he’s mobilising military and security agents to monitor polling stations for evidence of vote rigging. The severe cash shortage has held the currency steady in spite of the economic turmoil, with the Naira strengthening marginally against the dollar to 755 from 756 at last week’s close. In this context, resolving the cash shortage has become more rate likely to hold around current levels until Naira supplies recover. 32%

Rand sinks to lowest in more than 3 months

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

Foreign

Down 18%

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

Down Down 99%

Shilling strengthens as Uganda resists rate rise

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

Foreign Exchange Down

4.8%

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

94%

Kenyan Shilling hits new low as FX reserves dwindle

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

11.7%

At the just ended Treasury Bill auction, the Government accepted a total bid of GH¢3.32 billion across the 91, 182 and 364-day bills in the face of a total tender of bids, amounting to GH¢4.20 billion

The week-on-week yields witnessed an overall approximated drop of 4.16bps, 3.71bps and 0.72bps across the 91, 182 and 364-day bills respectively.

Government had earlier announced a set target of GH¢2.775 at the treasury auction but at the end, total bids amounting to GH¢3.895 billion was tendered, of which Government accepted 99.41% amounting to GH¢3.872 billion

The week-on-week yields witnessed an overall approximated drop of 1.47bps and 1.58bps across the 91 and 182-day bills respectively.

S

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Waakye Summit leads ‘Eat Ghana’ agenda

to be biggest food festival in Africa

The Waakye Summit, one of Ghana's largest food festivals, has once again brought Accra to a standstill with its fth edition held earlier this month at the Mmofra Place, next to Marvel’s mini-golf, at Dzorwulu, Accra. The festival, organized by a group of young and enterprising business executives, saw about 4,000 people from all walks of life converge to eat, drink, play and network. The event served not only as a chance to celebrate and enjoy delicious Waakye, but as an opportunity for businesses to network and build partnerships.

It brought together some of the

most renowned and best Waakye vendors in the capital including Sisters Waakye, Adabraka; Hajia Waakye Boutique, Madina; Rockz Waakye, Rockstone’s O ce; Fulera Waakye and Waakye Wi , both at Madina. Others include Waakye Exclusive, (Nyaho) Airport Residential Area; Anadwo Waakye, East Legon; The Lord is My Shepherd Waakye, Adjiringanor; and Assibi Number 1 Waakye also located at East Legon. These were accompanied by other local delicacies including palm wine, sobolo, asana, lamogin and also suya, grills, ice cream and pancakes. Side attractions

included paintball, video games, painting sessions, a kids’ area, and music from a live band and brass band; it was once again a top-notch memorable experience. Beyond Accra and Ghana - a tourism initiative The festival is also in line with the ‘See Ghana, Eat Ghana, Wear Ghana, Feel Ghana’ campaign, which aims to promote domestic tourism and enhance the economic viability of Ghana's cultural identity while growing local markets and gaining access to global markets. The ‘Eat Ghana’ agenda is given top priority, and the festival o ers the perfect

platform to promote Ghanaian food and culture.

Consequently, in line with expanding the national ‘Eat Ghana’ agenda, the organizers of the Waakye Summit have set their sights on taking the event to other cities in the country and then beyond the shores of Ghana, in the process becoming the biggest food festival on the continent.

“We have seen rst-hand the reception from local and foreign participants and we are optimistic that this could be one of the country’s major tourism exports. The goal is to promote tourism in Ghana through this initiative,” said Derrick Crentsil, the Founder and Lead Organizer. The origin Recounting its origin, Derrick Crentsil said the Waakye Summit started through the @Waakye_Radar blog on Instagram and Facebook, which he founded with Jessica Poku, a partner, and they sought to share their reviews and direct lovers of the Waakye delicacy to the best joints in Ghana. “As the community of Waakye lovers grew, I created the festival as the next step in bringing both the followers and Waakye vendors together to celebrate and promote this delicacy in an e ort to make it known globally.

I am grateful to be working with a team who are equally as excited about the idea and passionate in making this vision a reality,” Derrick Crentsil noted. The maiden edition was held in December 2018 at the Efua Sutherland Park in Accra with seven Waakye vendors, and was attended by about 500 attendees. Subsequent editions saw

steady growth in patrons and vendors.

Empowering women and promoting digital inclusion

The Waakye Summit, according to Lady Mardell Masopeh, one of the organizers, is particularly concerned about ensuring that vendors, most of whom are women, receive payments at the lowest cost possible. Consequently, the Waakye Summit is viewed as an intersection between women empowerment and technology. In this recent edition, the vendors were set up to receive payments via GhQR.

“About 75 percent of the vendors were women, and as organizers, who are passionate about promoting digital transactions, we have taken steps and ensured that about 40 percent of the transactions were done digitally. Our goal is to drive this up signi cantly in subsequent editions,” she added.

Next edition

According to Caleb Darko, a co-organiser, the sixth edition of the Waakye Summit scheduled for December 26, 2023, will be even bigger, and will provide the opportunity for more corporate participation, a wider catalogue of side attractions and businesses of other local products, and most importantly, an increase in the number of participating Waakye vendors.

The fth Waakye Summit was sponsored by Maggi, Malta Guinness, Fidelity Bank, Bel Aqua, Uber, and Vigor Security Services. Media partners were Asaase Radio, Mx24 TV, NET2 TV, and Oman FM.