By Eugene Davis
AfCFTA.”
Emily Njeri Mburu-Ndoria, Director of Trade at AfCFTA Secretariat, indicated that the secretariat would work closely work with the World Association of Investment Promotion Agencies (WAIPA) and relevant stakeholders to put together an annual IPA network forum.
The Executive Director of WAIPA, Ismail Ersahin, on his part stated that his organization is keen to support IPAs attract not just any investments, but sustainable investments.
tion o ce and is providing them with the systems to ensure that the country is able to trade under the AfCFTA.
What the o ce is doing is collecting data to allow the ministry to go to cabinet to design a special package for AfCFTA trade -power, cost of credit, infrastructure. All of those issues government is paying close at-
vantage of the duty free, quota free export opportunities that is available.
He added that the country is fully ready, and customs is a competent authority to provide the certi cate of origin, saying “we have all of them and we want more of them to have the productive capacity to trade at scale so that they can take the bene ts of
Africa accounts for just 2.3% of global exports – with an export basket heavy on primary commodities and natural resources. While only 16% of the continent’s exports are destined for other African countries, much of this trade is in semi-processed and processed goods.
Strengthening regional trade is therefore crucial to support greater value addition, diversify supply chains, boost resil-
ience to crises and to industrialize – ultimately contributing to job creation and better livelihoods on the continent.
The AfCFTA promises broader and deeper economic integration and would attract investment, boost trade, reduce poverty, and increase shared prosperity in Africa and at full operation: Africa could see FDI increase by between 111 percent and 159 percent under the AfCFTA.
Wages would rise by 11.2 percent for women and 9.8 percent for men by 2035, albeit with regional variations de pending on the industries that expand the most in spe ci c countries.
Fifty million people could escape extreme poverty by 2035, and real income could rise by 9 percent. Under deep integration, Africa’s exports to the rest of the world would go up by 32 percent by 2035, and intra-African exports would grow by 109 percent, led by manufactured goods.
support for private rms. Moreover, the International Monetary Fund’s strict debt-limit policies can impede developing countries’ ability to borrow from MDBs – preventing LICs from accessing dozens of billions of dollars at a time when they need it most.
borrow cheaply and lend at higher rates to MICs that have not yet reached investment-grade status or lost it. At the same time, lending to LICs is somewhat separate and nanced mostly by direct contributions from shareholding governments to LIC-focused bodies like the World Bank’s International Development Association. Without lending to MICs, the argument goes, the MDB model will not be viable.
But with more MICs graduating to investment-grade ratings, multilateral lending could eventually dwindle. Many LICs have been trying to reduce their dependence on MDBs; several countries have even managed to borrow in in-
ternational nancial markets for the rst time in decades. But the current con uence of economic and geopolitical crises has stalled these plans. In the face of aggressive monetary tightening, most LICs have e ectively lost access to capital markets, leading to painful negotiations with creditors and a looming debt crisis.
Ghana’s recent default could be a harbinger of future nancial calamities. In recent years, the emergence of non-traditional creditors like China has allowed LICs to diversify their borrowing. But the opaque nature of resource-backed loans has raised doubts about the sus-
tainability of such nancing, which seems to have dried up. There are, however, some encouraging signs that China might join the Bretton Woods institutions in allowing LICs to restructure their debts. While MDBs should increase their lending to LICs, doing so is more complicated than many seem to realize. A major obstacle is these countries’ limited absorptive capacity, which leads to a scarcity of bankable projects. Likewise, the fact that most LICs have underdeveloped private sectors makes it di cult to scale up investments, particularly for lenders like the World Bank’s International Finance Corporation, which focuses on
There is no easy solution to this conundrum. Sending MDB sta to LICs could help to build these countries’ institutional capacities and implement projects. And increased coordination between multilateral lenders and the IMF could help to prevent future bottlenecks. But merely pressuring MDBs to lend more could be ineffective and even counterproductive. For example, lenders could be tempted to prioritize budget support – designed to encourage developing countries to undertake structural reforms that they might have pursued anyway –over longer-term investment projects.
Simply put, lending more is not enough. To bene t LICs and their populations, international lenders must also focus on scaling up meaningful, transformative investments. Then, and only then, will the MDB model nally reach its full potential.
(GES) said, GES will continue to pledge its support to the UBA essay competition as the importance of essay writing cannot be downplayed in education.
In his remarks, Chris O kulu, Managing Director and Chief Executive O cer of UBA Ghana revealed that, “UBA Foundation believes that the future of Africa lies in its youths. For this reason, the Foundation has spent huge sums of money to actively facilitate educational projects and bridge the literacy gap on a Pan-African scale.”
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cation reforms to transform teaching and learning under the Education Strategic Plan
other private sector businesses to emulate the good example of UBA in contributing to its ef-
Mrs Ajuba Amihere Adu-Tutu, Programme O cer for Schools and Instructions Division at the Ghana Education Service
nal improvements to the terms of the DDEP, namely:
a. An agreement to pay 5% coupon for 2023 and a single coupon rate for each of the 12 new bonds, resulting in an e ective coupon rate of 9%.
b. Clarity on the operational framework and terms of access to the Ghana Financial Stability Fund (GFSF).
c. The removal or amendment of all clauses in the Exchange Memorandum that empower the Republic to, at its sole discretion, vary the terms of the Exchange. Banks remain crucial because of the key role they play in the Domestic Debt Exchange Programme.
Last week, the Ghana Association of Banks asked its members to stay any further engagement in the DDEP until their demands have been met.
At the time, the Association said it was due to the foregoing and numerous uncertainties surrounding the programme.
“The GAB recognizes the progress made and notes that participation of its member banks in the DDE, per the new terms, is subject to each individual bank’s internal governance and approval process but in any case, not later than 30th January 2023”, parts of the joint statement read.
The government has extended the deadline for the registration of the Domestic Debt Exchange Programme to 31st January 2023.
ing and critical thinking skills. The National Essay Competition is one of our stunning initiatives to which we will forever pledge our full commitment.”
Genevieve Budu, winner of the National Essay Competition 2022 with full excitement expressed her gratitude to the entire team at UBA for organising the competition.
The event was attended by management of UBA Ghana, Heads and representatives of participating schools, representatives from Ghana Education Service and Ministry of Education as well as the media.
Adding that, “In Ghana, UBA Foundation’s National Essay Competition has grown to be one of the best initiatives that allows every student in Secondary School to exhibit their cognitive skills and potential while developing a positive work ethic with problem-solv-
Prior to the overall top three announcement, the ten nalists were selected from more than 400 entries. The rst topic was on Sports betting while the nal essay was on the topic “Illegal Mining (Galamsey) has become a menace in our country. What pragmatic measures should the government put in place to end the challenge of Galamsey?
cial services, and satellite broadcasting industries in Africa for multinational companies such as SES, Vodafone, Nestle and Diageo.
She succeeds Theodore Asampong who will now oversee SES’s broader video business in the West and Central African region.
Commenting on the appointment, the Chairman of the SES HD PLUS Board, Wilfried Urner, said, “Adelaide made an impression on the board with her drive, intellect, and profes-
sionalism. “She has made a tremendous impact during her time at SES HD PLUS to date, and we have no doubt she will continue this momentum as our new CEO.”
He said her extensive FMCG and telecommunications background and commercially driven approach to business was expected to help SES HD PLUS develop strategic alliances as well as expand on the success built over the past two years and take us into our next phase of growth and innovation.
She vowed to make HD plus a top-notch entity in the country and vowed to extend it's tentacles in the country.
“I am delighted to take on the CEO role of a business with considerable ambition. SES HD PLUS is a group of innovative, talented, and creative professionals who care about delivering quality TV viewing experiences to over 130,000 homes across Ghana. Our goal is to grow the number of homes watching HD+ across the country,” she noted.
said it would continue to apply its best e orts to enforce and enhance expenditure management and accountability to ensure proper utilization of tax revenue to the full bene t of citizens, using established budgetary and accountability systems.
The ministry also commended the Auditor General on the publication of the report which was commissioned by the Minister of Finance on July 14, 2022 and timely release of the Audit report.
“The audit report con rms total resources mobilized for the COVID-19 response over the period March 2020 to June 2022 at GH¢21,844,189,185.24.
As indicated in the report, the funds mobilized were to address the following two key interventions; nance direct
COVID-19 intervention expenditures; and support the funding gap in the budget which was occasioned by the pandemic.
“Hence, as reported on page 11, paragraph 31 of the report, the 53.8 per cent and 46.2 per cent spent on direct COVID-19 interventions and for general budget support respectively were consistent with the mandate approved by Parliament,” the release highlighted.
It further noted that the ministry coordinated the mobilization and disbursement of funds for the COVID-19 responses by Government in accordance with the Public Financial Management Act, to ensure timely release of funds to save lives, livelihoods, and property.
“The Ministry welcomes the
Huawei Ghana has been adjudged one of Africa’s top employers alongside ten other country o ces in Sub-Saharan Africa namely South Africa, Kenya, Nigeria, Zambia, Angola, Botswana, Mauritius, Uganda, Mozambique and Tanzania, at the 2023 Top Employer Awards.
The company has seen its country o ce presence in the Top Employer Institute's Top Employer rankings grow from nine in 2022 to eleven this year, and has even been accredited as the Continental HQ Top Employer for 2022 in Sub-Saharan Africa. The increased representation in the prestigious annual rankings is a testament to the work Huawei has put into employee wellbeing across the region over the past 12 months.
Being certi ed as a Top Employer showcases an organisation’s dedication to a better world of work and exhibits this through excellent HR policies and people practices. The Top Employers Institute programme certi es organizations based on the participation and results of their HR Best Practices Survey. This survey covers six HR domains consisting of 20 topics including people strategy, work environment, talent acquisition, learning, diversity, equity & inclusion, wellbeing and more.
Commenting on the award, the Human Resource Director for Huawei Ghana, Mr. Chen Lei said, “We are honored to be recognized for our e ort in cre ating exceptional employee ex periences for our sta . The award is a recognition of Huawei Ghana’s commitment to the development of its work force and the provision of a comprehensive set of bene ts and practices for its employ ees.”
“At Huawei, we believe in cre ating an environment of pro fessional growth, innovation and employee engagement and have consistently implemented a number of policies and prac tices to ensure that our em ployees have an optimal work ing experience which include career development opportu nities and a safe and inclusive work environment.
“Through systematic training programs, our employees at di erent stages of their career, get to learn the skills they need, adapt to their new roles and quickly grow. Huawei will continue to strive to create an exceptional employee experience and provide its sta with the tools and resources necessary to excel in their roles.” He added.
Human Resource Director for Huawei Southern Africa Region, Mr. Yu Chen indicated that, Huawei is proud to have
seen improvements in its rating for employee wellness, which is due to programmes designed to enhance the physical and mental health of employees.
Under its Leadership Employability Advancement and Possibility (LEAP) program, Huawei, partnered top ICT industry players and successfully connected 200 fresh graduates to industry relevant jobs in 2022. The company has trained over 10,000 tertiary students in advance ICT certi -
cation courses under its ICT Academy initiative to equip them with the requisite digital skills and prepare them for the job market. Between 2021 and 2022, 70,000 young girls and female traders have been trained in Financial Technology (FinTech), Cyber Security, Arti cial Intelligence, Privacy Protection, Data Storage & Transfer and Coding with them aim of leaving no one behind in the digital journey.
David Plink says, “Exceptional
bring out the best in people
organisations. And we have witnessed this in our Top Employers Certi cation Programme this year: exceptional performance from the certi ed Top Employers 2023. These employers have always shown that they care for the development and well-being of their people. By doing so, they collectively enrich the world of work. We are proud to announce and celebrate this year’s group of leading people-oriented employers: the Top Employers 2023.”
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Despite the fact that climate change is a global issue, national and, occasionally, subnational governments adopt programs to limit greenhouse gas emissions.
Domestic political support for collaboration is necessary for progress in climate change negotiations, but major polluters around the world haven't done much to slow down global warming so far.
There are undoubtedly aspects of the economy, such as the power and mobility and transportation systems, that directly cause greenhouse gas emissions.
The road to net-zero emissions is paved with di culties. In order to avoid an even more di cult shift in the future, leadership must recognize the dangers and commit to change today.
Dr. Donald Kaberuka, Chairman of the SouthBridge Group and former President of the African Development Bank Group, shared insights on how the world, and more specically, Africa, can work towards net-zero emissions during the Global Economic Ideas Festival 2022, hosted by the Institute of Certi ed Chartered Economists (ICCE).
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The ICCE provides the world's foremost and most prestigious Chartered Economist qualication.
According to Dr. Kaberuka, the rst step is to close the continent's energy poverty gap. This, according to him, will require more innovative nancing than what we have seen in the recent past.
"I want to focus on what’s critical for us as Africans, which is playing our part in getting to net zero emissions. We must keep in mind that over 600
The Top Employers Institute has announced Vodafone Ghana as a Top Employer for Ghana and Africa. The Institute recognized Vodafone Ghana as a Top Employer in Ghana ve years ago and in the four subsequent years thereafter as Top Employer in Ghana and Africa.
Each year, the Top Employers Institute identi es organisations that put their people rst through exceptional HR policies. The Institute's certication programme is based on the results of the HR Best
Practices Survey, which covers six HR domains and 20 topics, including People Strategy, Work Environment, Talent Acquisition, Learning, Diversity & Inclusion, and Wellbeing.
Top Employers Institute CEO David Plink said, “Uncertain economic times bring out the best in people and organisations. And we have witnessed this in our Top Employers Certi cation Programme this year: exceptional performance from the certi ed Top Employers 2023. These em-
million Africans are living in energy poverty. He said.
"It is easy to achieve net zero in Africa, but first we must address the issues of energy poverty in many countries on the continent"
He reiterated the critical and leading role that wealthy nations must play in reducing emissions and getting the world to net zero.
"Secondly, we need to address what’s called a just transition." Wealthy countries have to do the heavy lifting in terms of re-
ducing emissions and getting to net zero. They have the means to do so, beginning with reducing subsidies on carbon.
"We can all work together to get to net zero, but it has to be through a practical, equitable trajectory that puts a lot of the frontload burden on wealthy countries while giving low-income countries the opportunity to work towards net zero while doing so while reducing energy poverty."
The Global Economic Ideas Festival is the annual global conference hosted by the ICCE.
The Festival brings together world leaders from top economists, leading researchers, ministers of states, private sector business leaders, central bankers representatives from civil society organizations, academics, and thought leaders to drive conversations on how to shape the world economy.
Source: ICCE www.charteredeconomist.org
ployers have always demonstrated that they care for the development and well-being of their people. By doing so, they collectively enhance the world of work. We are proud to announce and celebrate this year's group of leading people-oriented employers: the Top Employers 2023.”
“We are honoured to be recognised as a Top Employer for Ghana and Africa, 2023 by Top Employers Institute,” said Hannah Ashiokai Akrong, Vodafone Ghana's Director of Human Resources.
“It is a testament to our commitment to creating a positive and inclusive working environment for our employees. We believe that investing in our people is not only the right thing to do, but it also drives the success of our organisation.”
This remarkable achievement re-a rms Vodafone as a leader in exceptional HR policies and outstanding working conditions and highlights the organisation's dedication to a better world of work through excellent people practices, even during uncertain economic times.
Top Employers Institute is the global authority on recognising excellence in People Practices.
Ghana has become the second country in Africa after Mozambique to receive payments from a World Bank trust fund for reducing emissions from deforestation and forest degradation, commonly known as REDD+. The World Bank’s Forest Carbon Partnership Facility (FCPF) paid Ghana $4,862,280 for reducing 972,456 tons of carbon emissions for the rst monitoring period under the program (June to December 2019).
“This payment is the rst of four under the country’s Emission Reductions Payment Agreement (ERPA) with the World Bank to demonstrate potential for leveraging results based payments for carbon credits,” said Pierre Laporte, World Bank Country Director for Ghana, Liberia, and Sierra Leone. “Subject to showing results from actions taken to reduce deforestation, Ghana is eligible to receive up to $50 million for 10 million tons of CO2 emissions reduced by the end of 2024.”
These actions are within a six-million-hectare stretch of the West Africa Guinean Forest, where biodiversity and forests are under
pressure from cocoa farming and unsustainable harvesting, and small-scale mining. Ghana is one of 15 countries that have signed ERPAs with the World Bank.
“The many years of dialogue, consultations, and negotiations with local communities, traditional authorities, government agencies, private sector, CSOs, and NGOs have paid o ,” said Samuel A. Jinapor, Minister for Lands and Natural Resources. “This emission reductions payment will further promote condence in Ghana’s REDD+ process for action to reduce deforestation and forest degradation while empowering local community livelihoods.
The road to global 1.5 degrees cannot be achieved without healthy standing forests, and
Ghana is committed to making it possible.”
Ghana is the world’s second-largest cocoa producer. Cocoa drives the economy, but it is also one of the main causes of deforestation and forest degradation in the southeast and western regions of the country. Stakeholders are working to help some 140,000 Ghanaian farmers increase cocoa production using climate-smart agro-forestry approaches, rather than slash and burn land-clearing techniques that decimate forests. More sustainable cocoa farming helps avoid expansion of cocoa farms into forest lands and secures more predictable income streams for communities.
Ghana’s Cocoa Board is participating in the REDD+ process, as are some of the most important cocoa and chocolate companies
in the world, including World Cocoa Foundation members like Mondelēz International, Olam, Touton, and others. Their combined actions are not only helping bring change to the cocoa sector, but they are also helping Ghana meet its national emissions reductions commitments under the Paris Agreement. This level of collaboration is also re ected in the bene t sharing plan underpinning Ghana’s’ ERPA with the World Bank. Prepared through extensive consultations with local stakeholders and civil society organizations throughout the country, the plan ensures all participating stakeholders are fairly recognized and rewarded for their role in reducing emissions.
The Forest Carbon Partnership Facility (FCPF) is a global partnership of governments, businesses, civil society, and Indigenous Peoples' organizations focused on reducing emissions from deforestation and forest degradation, forest carbon stock conservation, the sustainable management of forests, and the enhancement of forest carbon stocks in developing countries, activities commonly referred to as REDD+. Launched in 2008 the FCPF has worked with 47 developing countries across Africa, Asia, and Latin America and the Caribbean, along with 17 donors that have made contributions and commitments totaling $1.3 billion.
The Commissioner for Environment and Solid Minerals, Akwa Ibom State Nigeria has been selected to receive the honorary doctorate degree of the American Management University, California. His doctorate award nomination followed swiftly on the heels of a thorough evaluation of his impact, his unrivaled consistency and sustained courage for inspiring leadership through his career as a banker and now with the government of his state.
The Honors award is slated for Friday, 27th January, 2023. This special conferment will be organized by the University in collaboration with the Brian Reuben Organisation. The festivities culminate in the act of conferment which will be held at Radisson Blu Hotel, Victoria Island, Lagos, Nigeria on the sidelines of the Leadership Agenda Summit 2023 special
Edition.
Charles and the other awardees will be Permitted to do a Presentation of ten minutes about their Visions and Businesses. The rst conferment an honorary degree at the university was held in 2020. Located in California USA, the American Management University, o ers education that is accessible to managers with time constraints and individuals with other obligations ensuring students learn through an interactive curriculum that focuses on critical thinking, communication, and strategy.
AMU is a member of the International Accreditation Council for Business Education (IACBE is a CHEA-approved programmatic accreditor), ed-
ucational membership with ASIC UK, membership to the United States Distance Learning Associ ation, and membership with the National Business Education As sociation
In his reaction, the President of the Brian Reuben Organisation, an international based leader ship development organisation, Dr Brian Reuben, said Udoh “is someone I admire and he is truly worthy of this honour because he has put in the work for many years and he continues to do that; investing in people, and building communities.”
Reuben further highlighted also that doctoral honor is a recogni tion of what he has achieved and represents. “This is a validation of his work and all that he contin ues to do. I think what he does is very inspiring.”
dent Ursula von der Leyen and German Chancellor Olaf Scholz predict that the widespread adoption of renewables and hydrogen power will be as signicant as the Industrial Revolution of the nineteenth century. At the same time, advances in arti cial intelligence are opening vast new possibilities, while also creating tensions over microchips and renewed fears about joblessness and rogue robots.
Developments in all three areas –telework, renewables, and AI –will bind countries together in new networks of interdependence. As a recent McKinsey Global Institute report shows, “no region is close to being self-su cient.”
ter Chrystia Freeland was just one of many policymakers who stressed the need for “friend-shoring.”
But to many outside the West, Europe and America are just as guilty of disrupting the global order as Russia and China are –and with enormous consequences for their own security and prosperity. The way they see it, the West made a decision to turn the war into an economic con ict (through the most ambitious and far-reaching sanctions package in history) with devastating consequences for billions of people.
Is globalization coming back to life? That was the big question at the World Economic Forum’s annual meeting in Davos, where WEF founder Klaus Schwab asked whether it is possible to have cooperation in an era of fragmentation. For the past decade, the steady demise of “Davos Man” – the avatar of global business and cosmopolitanism – was the big story here, owing to the 2008 nancial crisis, Brexit, Donald Trump’s election, democratic backsliding around the world, COVID-19,
and Russia’s war in Ukraine. All were seen as signs that globalization had gone too far and would be thrown into reverse. But the mood at this year’s meeting was slightly more optimistic. Despite much concern about con ict and economic strife, the world seems to be doing a little better than global elites expected when they last met in May. The Ukrainians are valiantly resisting the Russian invaders, the West is united, Europe has managed to keep the lights on this winter, and some think we might still avoid
a recession.
Moreover, beneath these important short-term developments is a more profound shift toward a new form of globalization, albeit one that will be quite di erent from what preceded it. While the globalization of goods seems to have peaked, services are becoming ever more globalized, owing to the revolution in telework during the pandemic. There is also an accelerating revolution in energy, driven partly by the war in Ukraine. European Commission Presi-
But the re-globalization glimpsed in Davos will be fundamentally di erent from previous iterations. First, while the old model was about corporate pro ts, the new one is about national security in all its dimensions. Western countries have portrayed the war in Ukraine as a defense of the liberal, rules-based order against unilateral aggression by Russia (and, by extension, China). They are therefore busy decoupling from Russia and rethinking their economic ties with China. In Davos, Canadian Finance Minis-
Back in Davos’s halcyon days, the dollar-based nancial system was seen as a global public good that would spread prosperity to every corner of the world. But now it is increasingly seen as a cudgel with which America can enforce its ideological and strategic preferences.
The sanctions on Russia follow the same pattern of Western policies used to prosecute the “war on terror” and the ght against nuclear proliferation in Iran and North Korea.
As the French bank BNP Paribas learned in 2014, when it was ned more than $8 billion for violating US sanctions, such policies have become a global dragnet whose e ectiveness relies on the
outright politicization of global systems that were previously considered neutral (in principle if not in fact).
Now that the genie has been let out of the bottle, others are also politicizing the global framework of rules and norms. The European Union, for example, is considering a new carbon tari on imports, and it has already taken measures to prevent data on its citizens from being stored beyond its borders.
The United States, for its part, has only doubled down, such
as by imposing sweeping bans on the sale of strategically important technologies to China. The result is not simply a balkanization of knowledge. All countries are now going to greater lengths to guard against the risks of interdependence. Another trend that will di erentiate the next age of globalization may prove even more consequential. Whereas Britain and America were, respectively, at the center of the rst two waves of globalization, this new one will be multipolar and thus multi-ideological. China has not only closed the economic
gap with America, but has surpassed it as the biggest trading partner to most countries in the world. That implies a major shift in the balance of economic power.
This new dynamic suggests that the world will be divided not only by nationalism but by fundamentally di erent ideas about order. Davos attendees got a awless illustration of this when Ukrainian President Volodymyr Zelensky beamed in to deliver a speech calling on the world to rally against Russia’s unprovoked war. While half the audience cheered en-
thusiastically, the other half appeared unmoved. Even if many sympathize with the Ukrainians, they fear that the con ict is being used to precipitate a Cold War 2.0 that will divide the world into democracies and autocracies. That is the last thing most political leaders want. In private discussions, African, Middle Eastern, and Latin American leaders complain that their countries already su ered a loss of sovereignty and control during the rst Cold War. For them, there is little to be gained from having to pick sides yet again.
Even America’s allies are against
having to choose. I spoke to a Japanese tycoon who is very worried about China’s current foreign policy but also vehemently opposed to decoupling. And in his own speech to the conference, Scholz declared that the world of 2045 would not be bipolar but multipolar.
Ultimately, Schwab may be right to hope for cooperation in our time of fragmentation. But we must bear in mind how the next globalization will di er fundamentally from the last one.
The Hola Browser, a browser which includes a 100% free peer-to-peer virtual private network (VPN) built-in, this week o cially launched in Ghana, giving internet users in the country the freedom to explore a world’s worth of online content, unlimited, for free.
Hola, accessible across a wide range of platforms and devices and allows its more than 259 million registered users to
access almost any website and enjoy their favourite movies, TV shows, games, and more; from over 190 countries.
“We believe in fully democratised access to the internet and all the content available on it,” says Avi Raz Cohen, General Manager at Hola. “That’s as true for Ghanaians – whether they’re accessing international content or continent from home when they’re abroad – as it is for anyone else around the
world. As such, we look forward to growing our presence in Ghana and building our user base in one of Africa’s most exciting and innovative digital markets.”
Already home to a vibrant technology and startup sector, Ghana’s online population is poised to grow signi cantly in the near future. Currently at 53%, internet penetration in Ghana is expected to rise to more than 66% by 2026. Inter-
net speeds in the country are increasing all the time too. According to Statista, average download speeds in Ghana increased from 2.3Mbps in 2017 to 11.24Mbps in 2022.
“Given the potential freedom available to both new and existing Ghanaian internet users thanks to those increased speeds, it’s critical that they are able to make the most of it,” says Raz Cohen. “That means giving them access to as much of the internet
as possible, regardless of where they may be located. The internet has always had the ability to bring people together, but it can do that much better if it’s really open to all.”
As well as its ground-breaking browser, Hola is also available in Freemium form as a browser extension for all major browsers, as a Windows and MacOS app, and as an app on Android and iOS, consoles, and a broad selection of smart devices including smart TVs.
Cryptocurrencies have also grown to be a vital component of global trade as a result of their increasing acceptance in a variety of settings and nations. Before cryptocurrency, the cross-border payment bureaucracy was unquestionably a machine that prevented exchanges that could signi cantly bene t developing nations.
Additionally, there is the di culty of concluding international agreements using various currencies, a problem that is particularly prevalent on the African continent. Cryptocurrencies make it easier to transfer and receive money internationally, which is a game-changing option for countries with underdeveloped banking infrastructure. Since crypto-based transactions reduce the risk associated with international trading, safety concerns are also improved in this situation.
The development and accep tance of digital currencies in Africa have been truly monu mental. Although in 2022, the digital asset industry saw several high-pro le breaches of trust and was largely characterized by volatility, the adoption of cryptocurrencies within the continent continued to grow. There has also been a shift in reliance on traditional payment systems, creating a preference among young Africans for cutting-edge payment platforms over conventional ones.
Africa, the second-most populous continent in the world with over 1.5 billion inhabitants, boasts a truly diverse and developing economy. According to Chainalysis, Kenya, Nigeria, South Africa, and Tanzania had among the highest rates of cryptocurrency adoption worldwide, ranking in the top 20 of the global adoption index. As Web3 real use cases continue to grow, it is critical
Remittances are a major driver of the global economy, with billions of dollars moving around the world each year. In Africa, remittances make up 1.3percent of GDP and are expected to grow at an annual rate of 5.2percent through 2025. The World Bank has estimated that there are about 400 million migrant workers in Africa, with about 50percent of these migrants living outside their home country.
African households receive US$100billion in remittances each year - more than they spend on education and healthcare combined!
However, it is well known that several African nations now set a cap on the amount that can be transferred as well as charge steep rates. As a result, the number of remittance pay-
ing an upward scale in the crypto adoption rate as shown by Analysis.
A recent study also shows that African cross-region transfers make up a more signi cant share of its cryptocurrency market than any other region globally, with Sub-Saharan Africa receiving over US$48 billion of estimated remittances in 2019.
Binance is aware of how increasingly people’s daily lives are being in uenced by the world of blockchain and cryptocurrency as the Web3 market expands and so they continue to add new utilities and functionalities to enhance every aspect of their users’ Web3 experience.
For example, its recent product, Binance Pay - a contactless, borderless, and secure cryptocurrency payment tech-
nology, that ensures that users around the world can send and receive crypto across continents. Features such as this, provide increased accessibility of people's own money whenever they need it and further highlight the user-centric character of digital assets.
In recent times, there has been a continuous trend of the devaluation of multiple African currencies, and this has invariably increased the value of the African crypto market. This is because cryptocurrencies have given them the ability to preserve their savings without having to worry about in ation through stable digital currencies known as stablecoins.
Owing to this, Binance has continued to be one of the most popular and widely recognized platforms in the African crypto market, where Africans can trade bitcoins or exchange their currencies for other stablecoins.
International Trade
The data speaks for itself and it is clear that Africans are beginning to adopt new technologies, albeit still early. Considerable progress is also being made in the area of regulation and a stable regulatory environment will drive further support for innovation and solidify budding trust in the industry, leading to long-term growth.
Youth interest and education
Young people account for about 60percent of the African population and by 2030, young Africans are expected to constitute 42percent of global youth, according to the World Economic Forum. African youth are eager to explore new opportunities to raise their level of living and generate income.
It is impossible to separate the growth of cryptocurrencies in Africa from this group's set of interests and needs considering that several Africans under the age of 25 are looking for the most cutting-edge and reputable industries to invest in. In addition, the rise of cryptocurrency usage across Africa is aided by regionalized crypto education programs such as the ones Binance o ers have indeed helped fuel this interest and led to increased adoption.
The attention of the Food and Drugs Authority (FDA) has been drawn to the abuse/misuse of Nitrous Oxide gas at nightclubs and parties in the forms of balloons and canisters to induce euphoria and laughter. Nitrous Oxide gas is used as a propellent and a preservative in the food industry and a medical anesthetic analgesic.
In a press statement, signed by the CEO, Ms.Delese Mimi Darko, the Authority has cautioned the public that the misuse of Nitrous Oxide gas is extremely hazardous and includes risks of low blood pres-
sure, heart attack and anaemia. Abusers of Nitrous Oxide gas are also prone to the risk of su ocating and loss of consciousness.
Long-term recreational use(abuse) of Nitrous Oxide gas could also compromise the immune system, mental and neurological disorders (hand and foot numbness and limb spasms), depression and incontinence
The release further noted that the FDA strongly admonishes nightclubs, pubs and party organizers to desist from the inappropriate
use of Nitrous Oxide gas in their facilities.
“The public is hereby urged to promptly report to the Authority on the abuse of Nitrous Oxide gas.” the release captured.
The Authority is collaborating with other relevant stakeholder agencies to address the emerging safety concerns. In the meantime, the FDA assures the public of its commitment in ensuring public health and safety through continuous public education, engagement and sensitization of the public on the risks of substances of abuse.
coming information consumers.
A panel session highlighting how youth business can be supported and the preparations the Ghanaian Youth can put in place to access an integrated African market saw the likes of Mr. Seth Twum Akwaboah - CEO, Association of Ghana Industries, Ms. Christiana Adu - GRASAG President, University of Ghana, Mrs. Diana Owusu Antwi - Senior Research Development O cer, Technology Transfer and Intellectual Property Services, University of Ghana prepared the youth whiles the Ministry of Finance provided education on the government’s “YouStart Ghana Initiative”.
or partners," she said. The Agric Investment Lead of the Ghana CARES initiative at the Ministry of Finance, Stephen Odartey o, said the YouStart initiative was set up by the government to empower young people between the ages of 18 and 40 years with technical and nancial support to create jobs for the youth. He urged the youth to be daring and take advantage of such initiatives.
The President of the Graduate Student Association (GRASAG)Ms Adu, advised the students to put their leisure time to good use by acquiring knowledge and skills that would help them to venture into business.
Since the University of Ghana’s inception in the year 1948, its Annual New Year School and Conference (ANYSC) has been the agship programme of the University attracting people from all walks of life to deliberate on topical issues of national and international interest. The third in series of the Youth School, as part of activities for the 74th Annual New Year School and Conference (ANYSC) has successfully ended with a call for young people to seek accurate information on how economies are driven and be aligned accordingly.
This third edition of the Annual Youth School, Conference and Exhibitions (AYSCE) was held at the ISSER Conference Centre of the University of Ghana on Thursday January 19, 2023 with over 300 youth, entrepreneurs and business executives participating. This school and conference was under the theme – positioning the African market for sustainable economic development through the African Continental Free Trade Area. Professor
Olivia A. Kwapong the Dean, School of Continuing and Distance Education gave the welcome address where Professor Felix Ankomah Asante, the Pro Vice-Chancellor, Research, Innovation and Development, the College Secretary from the College of Education Joseph Oduro Nkansah equally made statements. Dr. Fareed Arthur, National Coordinator of the National Coordinating O ce of AfCFTA took turns to address the youth on AfCFTA. The vision bearer of the Youth School, also a director of the Youth School and member of the ANYSC corporate advisory and technical team Mr. Jack Andrews Dotsey delivered his statement on the mission and vision of the Youth School, Conference and Exhibitions. Dr. Simon–Peter Kafui Aheto, also a director and technical committee member helped the Youth to appreciate the youth school’s expectations of the New Year 2023.
The Keynote address delivered by Nana Owusu-Achaw - CEO and Founder of Kings Innovations, looked at opportunities for youth employment and en-
trepreneurship: zeroing on how the youth can understand and take advantage of the African Continental Free Trade Area. Nana Owusu-Achaw admonished young people to seek accurate information about how economies are driven and be aligned accordingly, take our French education seriously as Ghana is bordered by francophone neighbours, learn to volunteer and remember opportunities available in Africa are best found in Africa and not elsewhere. The youth were cautioned to stop holding investments in their pockets by way of investing huge sums into the purchase of mobile phones which could serve as their capital investment, dare not to be programmed to be lazy but to seek information intentionally in-order not to be fed with information they do not desire.
The keynote speaker questioned why Ghana is using only 10% of its arable lands and encouraged the youth to start thinking of business ideas, partnership and collaboration to support the AfCFTA one market agenda as they seek information purposively then be-
The AGI CEO in his remarks was of the opinion that, the youth can start a business and also export their products no matter their ages as patrons of goods do not consider if product are made by young people before they buy. There are opportunities that young people can take advantage of. Do not always look at the big businesses and do not discount the value you get from the small businesses whiles not compromising standards he added. “The right way is to knowing what the standards and requirements are and make sure you meet it. A lot of businesses have succeeded because they belong to a wider network. You do not walk alone as a business. If you do so you don't create opportunities for yourself working alone in a corner and this will see your business die. Be part of an association and enjoy the bene ts”.
Mrs. Owusu Antwi urged the youth to avoid public disclosure of their invention as they might lose the right to protect it. She said they could enter joint ventures with persons who have the nancial muscle to help them with their inventions after securing intellectual protection right. "Use a non-disclosure agreement prior to sharing sensitive information about your intellectual property with potential investors
A Mentorship Clinic as well as a leadership and development breakaway session got the youth trained on self-leadership, moral vision, and transformative leadership amongst other topics. Accra Senior High School choir putting up a splendid performance performed several melodious indigenous Ghanaian songs to the admiration of all. The very interesting third edition of the AYSCE was moderated by the author of the book – “Prepare for the Future of Work”.
To this end, the four-day ANYSC which started from Monday, January 16–19, 2023, had its theme on AfCFTA, sub-themes for break out groups, discussions and deliberations provided options for Ghana and other African countries and stakeholders on the continentals nancial, education al, governance, security, women in trade and digital technolo ¬ gy preparedness for AfCFTA.
This school and conference was under the auspices of the School of Continuing and Distance Education, College of Educa tion, University of Ghana, in collaboration with the Ministries of Finance, Education, Communications and Digitisation, Trade and Industry, and Foreign A airs and Regional Integration.
Management of the Ghana Export – Import Bank (GEXIM) on Thursday, 19th January 2023, hosted a business delegation from Malta.
Ms. Rosemary Beryl Archer, the Deputy Chief Executive O cer responsible for Banking, on behalf of the Chief Executive O cer, Mr. Lawrence Agyinsam, received the delegation.
The Business delegation from Malta, consisting of representatives of Malta’s Economic Development Agency, Malta Enterprise and some Maltese Businesses were hosted at the Bank’s headquarters at the Africa Trade House in Accra.
Ms. Antoinette Cefai, responsible for Outreach and Internationalisation at the Business Development and Growth Unit of Malta Enterprise led the delegation
Receiving the delegation, Ms. Rosemary Beryl Archer highlighted the Bank’s mandate to serve as a key engine in the development of Ghana’s export trade, facilitate cross border trade and make Ghana a pillar in regional and continental trade in addition to facilitating the transformation of Ghana’s economy into an export one.
“As a Development and Policy Bank, we are supporting the Government of Ghana’s quest
for a feasible and sustainable export led economy. Over the years, we have nancially supported several Ghanaian businesses in various capacities as well as developing trade between Ghanaian and foreign businesses. We have assisted some Ghanaian businesses to make overseas investments and eliminated critical market failures in the Ghanaian economy to make Ghana competitive in the global marketplace”, she added.
On her part, Ms. Antoinette Cefai, indicated that Malta is a stable democracy, which is very welcoming to an innovative mind-set with an open busi-
ness-centric commercial community that stands tall as an European Union member state, with a proven record of economic success.
She further expressed their appreciation to the Bank’s Executive Management for hosting them and discussing with the team avenues of possible collaboration between Malta Enterprise, GEXIM, clients of GEXIM and other Ghanaian businesses to develop trade between the two countries.
Other members of the Maltese Delegation included Christo-
pher Busuttil Delbridge, Managing Director of Evolve, Keith Vassallo and Solaman El Khazmi, Directors of Associated Equipment, and Scott Francis, Chief Technology O cer of TrustSTamp.
The GEXIM team that hosted the Delegation included Head of the Advisory Department, Mr. Frank Obeng, Senior Manager at the Corporate A airs Department, Mr. Emmanuel Essil e - Conduah and Assistant Manager, Corporate Affairs and International Cooperation, Mr. Jonathan Christopher Koney.
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The current economic hardship in the country is expected to have far reaching consequences for the entire country, industry, organizations and individuals. Ultimately, the impact on the individual will be manifested in the behavior, attitude and the outlook of the employee at the workplace. At the corporate level, the impact will be felt by the individual worker, who will react in several ways with obvious impact on productivity.
Economic crisis has been de ned as: “a period of social change or instability that evokes feelings of fear, panic and danger amongst organizational members”. Such a situation will obviously draw negative reaction from stakeholders at the enterprise level, through industry to the national level.
Drawing upon this de nition, we will like to highlight HR’s role in o ering strategic interventions which can diminish such feelings among workers as HR works in helping to lead and manage individual and organizational change. In times of fear in whom will a worker place his trust? Of course, a rational being will ultimately resort to God; but before then, he will do a self-introspection, examine available opportunities as well as threats. The worker will also examine his strengths and weaknesses. He will then turn his attention to the established systems, including the legal framework, his terms of employment contract as well as the industrial climate.
In this write-up we will seek to focus on the individual employee at the workplace, the class he is identi ed with and his expected reaction to the crisis and what the HR Practitioner will have to do to mitigate the impact of the negative tendencies in order to make the most of the situation.
Generally speaking, workers may be grouped into four categories, particularly in the face of crisis, namely the Engaged, the Disengaged, Distracted and the Disgruntled. Let us examine these categories one after the other.
The Engaged, the desired class of workers, are those who have a high stake in the business and hold on to hope for better times ahead despite current challenges. To them, no condition is permanent as this phase in the history of the company will pass. They are disposed towards nding better ways of doing things
and saving cost.
They are the organizational citizens (old soldiers) who will bend over backwards to move the company forward despite obvious challenges. They exert positive energy at all times and seek to work on other workers to turn around the fortunes of the company.
The Disengaged are those whose commitment to the system has been undermined or waned by reason of their age and nearness to retirement. In terms of energy they appear drained; the spirit is willing but the body is weak. They exhibit the following characteristics:
• High Sense of Loyalty
• Good Institutional Memory
• Pride in the Company Brand
• Prepared to serve as brand ambassadors
• Willingness to work on projects
• Scatter-brained
• Physically present but mentally absent
In the circumstance, they cannot wait to leave even though unsure of life after retirement.
The Distracted like the Disengaged do not have con dence in the system and tend to be on a continuous lookout for better opportunities elsewhere. They are thus engaged in a process of job search within the industry and even beyond. Depending on their background, the job search may not be limited to local jobs but also international appointments. They are also not sure whether to go into private business/self- employment or stay in formal employment.
The Disgruntled are a shade worse than the disengaged as they are aggrieved by one event or the other in the course of their employment with the organization. They will naturally exhibit the following characteristics:
• Sense of Despair
• Betrayal
• Disconnection
• Disappointment
• Loss of Loyalty
• High propensity to Sabotage
• Disposition towards Disrespecting Rules and Authority
In the circumstance, punctuality and attendance will su er as the worker at the slightest opportunity will nd an excuse for not attending work. Naturally, the worker will be prone to all manner of stress- related illnesses. There will therefore, be a call for HR to put in place measures to reassure workers of better times ahead especially after the crisis.
The economic crisis, with a tendency to shrink budgets will exacerbate the sense of discrimination and will cause
them to exhibit tendencies of sabotage and non-conformance. They will attend work late and close early. They will use company resources for personal gain without counting the cost.
Brazen disregard for authority will be their hallmark. They are often the long-serving ones among the workforce and have a sense of entitlement. They insist that they should have a better share of whatever is available because of their long service which has been overlooked by Management.
HR’s Response
HR will have to work on each class of workers to move them from the undesirable quadrants (Disengaged, Distracted and the Disgruntled) to the desired (Engaged). In the alternative, ways will have to be found to let go the undesirables. Let us look at the various ways in which HR will tackle the problem of disengagement.
The one instrument that gives meaning to HR Management is Performance Management which essentially seeks to align the individual’s work objectives and vision to that of the corporate vision. It involves setting performance targets and making resources and systems available to the worker to deliver his mandate. It is a system for setting up the worker to succeed.
At the end of it all, the worker will be rewarded for a good job done or be sanctioned for non-performance. In the extreme situation, the worker may lose his job for non-performance. The disengaged, the disgruntled and the distracted may be whipped into line by a robust and e ective performance management system regardless the harsh economic crisis.
A natural fallout from performance management is counselling for non-performers. In that process, the worker’s attention is drawn to his weaknesses and ways of reversing the trend and improving performance. Regardless of the category a worker falls into, the counselling session will serve as a wake-up call for him to shape up or shape out. This may take the form of a Performance Improvement Program.
Performance Counselling is, however, not limited to non-performers. Good performers may be taken through Career Counselling wherein the worker will be exposed to a process of knowing and understanding himself and the world of work in order to make career choices in order to realize career ambitions. Thus regardless of the catego-
ry a worker falls into, counselling will work to instill in him a positive attitude and a sense of purpose.
• Psychological Therapy Workers with undesirable traits may have to be referred to Industrial Psychologists for examination and advice or treatment. HR may commence the process with self-administered psychometric tests, including the Myers Briggs type indicator, Assessment Centre, the DISC Personality Test and the Change Style Indicator (CSI – Centre for Creative Leadership) just to mention a few.
In extreme cases, the Disengaged and the Disgruntled may be referred to Psychiatrics for examination and treatment.
It is important to note that stress-related illnesses could be traceable to breaches of the psychological contracts between the employer and employee as a result of the economic crisis.
In the face of shrinking business opportunities and job losses, HR may want to make multi-skilling an integral part of the Training Program of companies. That way workers can become versatile and take on multiple tasks in order to keep their jobs. This may confuse approved career plans for sta , but it will be better than a redundancy.
With improved technology and Arti cial Intelligence, HR may want to introduce a exible work model that supports a blend of in-o ce, remote and on-the-go arrangement to enable workers operate from home and o -site locations without compromising productivity.
The issue of regular attendance and productivity will not be a priority as workers would not need to put in physical appearance on daily basis. Cost may be saved in terms of o ce space, transportation, electricity and centralized computerized systems.
The economic crisis will naturally lead to organizations right/down-sizing or in the alternative placing employees on short-term contracts as against long-term permanent employment contracts. This will be a more preferable option than a complete loss of jobs by job holders
HR may in the circumstance consider establishing ratios among the following identiable classes of workers:
I. Permanent II. Contract III. Temporary IV. Casual V. Outsourced
This will be on account of the real likelihood of organizations resorting to cost saving and the fore-costing of their operations for purposes of efciency. In the process, the Employee Value Proposition will be greatly a ected.
The one thing that will preoccupy the attention of HR will be the declaration of redundancies as a result of loss of business and the share of the market. Though simple and clearly laid out in the Labour Act, 2003, Act 651 the exercise will require a lot of planning, including the determination of numbers, the selection criteria, the formula for calculating bene ts, union buy-in, and the initiation of mitigation measures.
Arrangements with outplacement companies will be a primary pre-occupation for HR as victims of redundancies will expect some form of support from their employers in linking them up for alternative jobs.
Retirement Planning Economic crisis with the attendant job losses will place an obligation on HR to continuously expose employees to retirement planning be it early retirement or compulsory. Such programs will have as part of the highlights the following: a. Personal Financial Planning b. Business Planning and Accounting c. Investment Opportunities d. Establishment of Private Business e. Sole Proprietorships/Partnerships f. Taxation and Tax Avoidance g. The National Pension Scheme h. Payments under the Scheme i. Health Related Issues after Retirement j. Job Search and Preparation of CVs Conclusion
We set out in this write-up to examine the impact of the current economic hardship on organizations with particular emphasis on the employee at the workplace. For purposes of analysis we categorized employees into four groups, one being the desirable and the others not desirable. The response of HR to each class with a view to moving them into the desired quadrant has been discussed and suggestions made.
It is expected that HR Practitioners will take a cue from some of the suggestions and do the needful while we wait for a return to normalcy.
