Investment Times Newspaper 2023 Edition | Issue 19

Ghana’s local debtscore raised by S&P as domestic default cured

US$6.1bn MSME financing gap in Ghana …Commercial banks in quandary amid DDEP

ByKeun Lee

about 55% over a ve-year horizon,” they wrote. “Discussions with holders of foreign currency instruments are continuing.”

Ghana has been engaging investors since late last year to restructure about $30 billion of its $46 billion in local and international debt. It recently completed the rst part of a domestic restructuring, with investors exchanging 83 billion cedis ($6.7 billion), or 64% of holdings, for new securities, against an overall target of 80%.

It aims to start “substantive” dis-

Industrial policy has returned to government agendas across the developed and developing world. While the US In ation Reduction Act has shocked America’s Asian and European trading partners, the Biden administration’s signature climate-change legislation is just

the latest in a series of recent policies that seemingly y in the face of World Trade Organization rules.

after all, underpinned East Asia’s “economic miracle” between the 1960s and 1990s.

Political scientist Chalmers Johnson attributed Japan’s postwar economic boom to the Ministry of International Trade and Industry, which dominated Japanese policymaking from 1949 to 2000.

Similarly, economist Alice Amsden argued that South Korea’s transformation into an economic powerhouse relied on subsidies and tari s that encouraged the formation of giant, state-backed industrial conglomerates.

Despite the contributions of industrial policy to the East

Asian growth miracle, the rise of neoliberal economics in the West made it taboo there. That began to change in 2008, however, as the global nancial crisis created a seemingly insatiable appetite for government intervention. Faced with a rapidly growing China and a looming climate catastrophe, economist Mariana Mazzucato and others have reimagined industrial policy as a way to achieve a mission-orient-

Genevieve Sackey to take over

assures

brings the oil, through delivery to the BDCs, to the OMCs and to the pumps.

At a time of growing economic and political uncertainty, it is hardly surprising that governments are increasingly embracing industrial policy. Massive government intervention, Energy Minister, Dr Matthew Opoku Prempeh has assured that his ministry will keenly monitor every step in the Gold for Oil programme value chain from the ship that

This, according to Dr Opoku Prempeh will ensure that the purposes for which the pro-

Ghana

Cylinder Manufacturing Company

President Akufo-Addo has nominated Madam Genevieve Sackey for appointment as the new Managing Director of Ghana Cylinder Manufacturing Company Limited (GCMCL).

This nomination is contained in a letter dated February, 21st

and signed by the Executive Secretary to the President, Nana Bediatuo Asante.

“Kindly take the necessary steps to regularise the said appointment in accordance with the relevant provisions of the Companies Act 2019 (Act 992) and the regulations of the

Company,” portions of the release stated.

Nana Bediatuo Asante extended to the new MD, “the President’s best wishes.”

Genevieve Sackey’s nomination comes after the immediate past CEO, Frances Essiam resigned.

We’ll keenly monitor every step in ‘Gold4Oil’ chain – Opoku Prempeh

Standard Bank is Africa’s most valuable banking brand for the second year

US$6.1bn MSME financing gap in Ghana …Commercial banks in quandary amid DDEP

sector also receives little budget allocation from the government yearly, amid high cost of doing business, inadequate and sometimes ine cient state infrastructure to support their development, limited access to market, inter alia. The scenario looks even more bizarre in the case of MSMEs in the agriculture value chains.

A study by the World Bank has revealed that, MSMEs constitute about 90% of all jobs in Ghana, and contributes approximately 40% to the nation’s GDP. Yet, the subsector is the least recipient of nancing from the nancial institutions in the country, particularly the A careful study of the balance sheets of commercial banks in 2022 indicates a noticeable contraction of loans and advances to the private sector in general, and far less to the MSME subsector in particuThe latest Bank of Ghana MPC’s report indicates that, even though loans and advances of banks increased by 30.2% to Ghs70.00 billion in 2022, credit to the private sector in particular (including MSMEs) contracted sharply by 14.5% in real terms, compared to 1.3% conThe report further states that, the increase in nominal value of banks credit portfolio was attributable to portfolio rebalancing and favorable revaluation e ect on foreign currency denominated credits, apparently due to the cedi appreciation in December 2022. What the above information means is that, nancing to the private sector in Ghana

(which is hugely dominated by the MSMEs) is progressively under threat and contracting (i.e from 1.3% to 14.5% in 2021 and 2022 respectively). Thus, the private sector (MSMEs) nancing gap is ever widening.

The MSME nancing gap in Africa is estimated at $421 billion, according to the African Development Bank (AfDB).

And in Ghana, the IFC-World Bank estimates that, the MSME nancing gap stands at $6.1 billion, equivalent to 13% of the nation’s GDP in 2017. This situation would unfortunately deteriorate in 2022 as indicated above.

Commercial banks in Ghana are in general, deemed as commercially and operationally viable nancial institutions that are better placed to nance MSMEs. They have huge stated capital, wider geographical coverage, robust IT infrastructure, sound governance practices, and above all, favorable public con dence.

Yet commercial banks are the least when it comes to MSME credit portfolio as a proportion to their total assets. Several factors are cited to account for this, including, but not limited to, high default rates, poor cash ow records, little interest income for MSME loans, inter alia.

But the above conversation is not even the end of the woes of Ghanian MSMEs. The

tions to all of these. And this put them in a comparatively stronger position to better serve the MSMEs.

The establishment of the new Development Bank of Ghana (DBG) is yet another good step in a right direction, seeking to mobilize long term patient funds and technical assistance for the e ective participation of commercial banks in MSME nancing space.

The combined e ects of all these, make the MSME subsector incapable, and o -course decient to grow. Yet, the sector deemed to be the backbone of the economy. What a weird paradox!

Traditionally and unsurprisingly, MSMEs are unable to provide collateral (such as real estate, movable assets, etc.) to obtain credit from the commercial banks. This means, cashow-based lending model would be the best available option for the banks to lend to them. But, these MSMEs however do not keep proper cash ow records to support cash ow lending model. This means, a new specialized approach is required.

A psychometric approach-which deals with the use of structured questions to infer about the morality and the cashow situations of the MSME borrower is one most tested approach used by most MFIs globally to disburse credit to the MSMEs. But this comes with its own challenges although.

Indeed, the enormous contributions of MFIs in Ghana in limiting the MSMEs nancing gap cannot be overemphasized. However, the MFIs themselves are not without challenges. MFIs face several existential challenges, sometimes even severer than what MSMEs face. These include; liquidity, capital adequacy, pro tability and asset quality.

Others are inadequate IT infrastructure, poor governance issues, high cost of funding, high cost of operation, and unfavorable public perception. The commercial banks on the other hand, however, have solu-

The DBG has since signed on (4) four commercial banks in Ghana in partnership for this purpose.

To complement this, the Bank of Ghana’s other nancial institutions supervision department (OFISD), which is directly responsible for the supervision of MFIs should be strengthened in all might to be able to provide robust supervision for the MFIs. in order. This way MSMEs would receive e ective nancial solutions for growth. MSMEs deserve robust nancial institutions in order to become bigger corporations tomorrow.

But there is yet another looming nemesis! - The Ghana’s domestic debt exchange program (DDEP) and its concomitant e ects on the fragile state of MSME nancing in the country.

Currently, the government’s treasury bill rates are in the roofs at 35.7%, in ation rate at 53.6% and policy rate at 28%. These rates have stubbornly been erratic in recent times, and would consequently feed into higher lending rates of banks and MFIs. The resultant e ect is that, MSMEs borrowings are going to be limited. At the same time, banks and MFIs are redirecting their loanable funds to otherwise attractive government bills, leaving little for lending purposes. Again, banks that signed up unto the DDEP have their funds locked-up with the government according to the terms and conditions of the program, thereby limiting their nancing abilities to the MSMEs.

In addition, the MPC report also revealed that, banks are currently experiencing heightened operational and prudential risk, due to the general fall on their key nan-

cial soundness indicators. These developments put the commercial banks into serious quandary, as to whether to increase their lending portfolio to the private sector MSMEs (which are deemed risky) or continue investing into attractive government bills/notes, which are now deem risky-according to some experts. These notwithstanding, commercial banks are strongly encouraged to redirect funds to the private sector, particularly the MSMEs in a bid to improve their stake in limiting nancing gap. This could be done if they adopt similar but enhanced strategies from the MFIs (including psychometric nancing). They could further deploy the use of technology in the form of alternative data harvesting for this purpose. Again, partnership with Fintechs and Agri-techs companies aiming at improving nancing to the MSMEs is yet another recommended approach. Banks are strongly advised to be measured in their oversubscription to government bills, taking lessons from the bond experience. Limiting Ghana’s MSME nancing gap will require active participations from both commercial banks and MFIs.

The writer is an International Development Finance Consultant (MSMEs)

Email: sasdarko@gmail.com

Tel: +233 549847220

References

1. The World Bank (2019)- Improving Access to nance for Ghanaian SMEs: Is there a role for a new development nance institution?

2. Bank of Ghana Monetary Policy Committee Press Release, January 30, 2023

3. The Budget statement and economic policy of the Government of Ghana for 2023 nancial year

4. World Finance: https://www.worldnance.com/markets/can-hybrid- nance-unburden-africas-shaky-sme-sector

Helping middle-income energy exporters kick the fossil-fuel habit

cussions with international bondholders and their advisers in coming weeks, Minister of Finance Ken Ofori-Atta said

Still, the ongoing discussion mean payments have been halted on individual bond. S&P on Friday lowered the ratings on three UK-law eurobonds —

maturing in 2023, 2027 and 2025 — to D, or default.

On Friday, a panel of dealers and investors agreed to review whether a missed payment of a coupon on one of a dollar bond due 2026 constituted a so-called credit event, which may trigger the payout of insurance protection on

ByKeun Lee

the debt.

Fitch Ratings last week cut Ghana’s local-currency credit score to default. It also downgraded its foreign-currency debt rating to partial default after it missed eurobond payment.

Bloomberg

ed innovation economy guided by an entrepreneurial state. But industrial policy’s fall from grace in recent decades re ected its own shortcomings, not just a rightward ideological shift. Japan’s failed efforts to promote domestic aircraft production in the 1970s, for example, showed that governments are not always good at picking winners. For today’s industrial policies to be

e ective, governments must learn from the past and avoid two common mistakes. The rst is shielding domestic companies from market discipline. Malaysia’s failed e ort to build an internationally competitive automotive industry around the national car company Proton is a cautionary tale. In the 1980s, Proton gained a monopoly in the Malaysian car market thanks to various subsidies

and tax bene ts. But because government support insulated the company from market discipline, it never managed to meet the quality standards needed to become a global Another mistake is overreliance on foreign ownership. Thailand and South Africa used nancial incentives to lure foreign car producers to work with local manufacturers. But while their automotive industries have been more successful than Malaysia’s, they are also limited to producing lower value-added components; the higher value-added activities, such as research and development or the production of engines and transmissions, remain in foreign companies’ home countries.

China’s thriving car industry underscores the importance of nurturing local entrants. In the 1980s and 1990s, the Chinese automotive sector relied on technology transfers via foreign-owned joint ventures like Shanghai-Volkswagen. But after that strategy failed to produce the desired outcomes, the Chinese government pivoted to investing heavily in domestic manufacturers such as Chery, Geely, and BYD, enabling them to emerge as global players. By combining nancial incentives with market discipline and local ownership, policymakers can ensure that the industries they want to promote are competitive. The evolution of South Korean car manufacturer Hyundai is a case in point. In the 1970s, Hyundai’s

domestic lead was protected by high tari s. But when the company exported its Pony model to North America, the car became notorious for failing to meet even basic quality and emissions standards and could not compete with comparable French and German models. This failure, together with robust domestic pro ts, encouraged Hyundai to invest in R&D and eventually expand global production. South Korea’s industrial policy soon shifted from protectionism and nancial incentives toward public-private joint R&D, enabling local producers to gain the technical knowhow needed to expand into high-end products. Mobilizing private-sector participation from the beginning and creating viable markets are crucial to industrial policies’ success. In 2008, for example, the

Request for Expressions of Interest – Professional Medical Services

(For Firms Strictly Incorporated in Ghana with Exclusive Ghanaian Directors and Shareholders)

Newmont Africa (hereinafter referred to as the “Company”), a subsidiary of Newmont Corporation, the world's largest gold mining company and operators of the Ahafo South and Akyem mines, is requesting Expressions of Interest (EOI) from eligible, capable, and suitably qualified companies for the provision of Professional Medical Services in Ghana, covering Accra, Ahafo South Mine, Ahafo North Project and Akyem Mine

The scope of the Professional Medical Services includes;

1 Ahafo South and Akyem Mines

General

Maintenance of a permanent Mine Site Clinic (MSC) to ensure it is capable of providing initial emergency response, resuscitation, stabilization, evacuation for work-related injuries/illnesses, occupational health services, and primary healthcare to Newmont employees and personnel (including dependents) living at the Site camps and other allocated residential facilities (approximately 4,000 persons) . The services will also cover other persons, as may be directed by an authorized Newmont representative from time to time, and will include:

! Competent primary health care including x-ray and laboratory services

! 24-hour emergency medical care

! Limited observation (in-patient) services for up to 24 hours for minor medical problems not requiring hospitalization for example vomiting/diarrhea, simple malaria, fever of unknown origin, headache, etc.

! Public health services through consultations and health promotion including HIV/AIDS and other potential pandemic illnesses.

! Running a malaria management programme through diagnosis of cases, treatment and counselling on preventative measures.

! Establishment of an employee wellness programme, including participating in and supporting site wellness initiatives based on clinical evidence and global practices, and providing site wellness checks.

! Medical transportation referral and evacuation of patients to Accra or oversees

! Medical training (site-based first aid, emergency response with mine rescue, public health, and wellness programmes)

• Manage the establishment of an occupational health service; a general practice care to service a workforce of approximately 2,000 personnel at the mine sites and selected contractors of approximately 100 personnel. This would include programme planning and implementation with regards to:

! Pre-employment, interim employment and exit medical screening programme.

! Routine (job specific) periodic medicals

! Drug and alcohol testing based on site drug and alcohol policy

! Injury/disability management

! Site health/hygiene auditing

! Food handler’s surveillance programme

! Cyanide medical response

! Biological monitoring programme for heavy metals

! Hearing conversation, heat stress and ergonomic programmes

• Nutrition advisory services to the Mines’ catering service provider and employees.

Adu-Gyam , Managing Director of Ianmatsun Global Services

• Provide standard inventories of medical equipment and recommended drugs/disposables in accordance with industry standards.

• Maintenance of a temporary construction site facility to ensure its capability of providing initial emergency response, resuscitation, stabilization, and evacuation for work-related injuries/illnesses, non-occupational emergencies, and primary healthcare to Newmont and selected contractor employees.

At peak production periods, employees on site would be approximately 2,100. An authorized Newmont representative may provide direction for the provision of care to personnel outside the above-mentioned scope from time to time. Services would also include:

! 24-hour emergency medical care when required

! Limited observation (in-patient) services for up to 24 hours for minor medical problems not requiring hospitalization, for example, vomiting / diarrhea, simple malaria, fever of unknown origin, headache, etc.

! Public health services through consultations and health promotion, including HIV/AIDS and other potential pandemic illnesses.

! Running a malaria management programme through diagnosis of cases, treatment and counselling on preventative measures.

! Establishment of an employee wellness programme, including participating in and supporting site wellness initiatives based on clinical evidence and global practices as well as providing site wellness checks.

! Medical transportation referral and evacuation of patients to Accra or overseas.

! Medical support to the Emergency Response Team.

! Medical training (site-based first aid, emergency response with mine rescue, public health, and wellness programmes).

! Nutrition advisory services to the Project’s catering service provider and employees.

! Provide standard inventories of medical equipment and recommended drugs/disposables in accordance with industry standards.

3 Accra Hub General

A fully integrated medical service to include:

• Co-ordination of non-urgent medical transfers, as required

• Provision of medical examinations in Accra (pre-employment, exit medicals, occupational-related illness, and injury reviews)

• Drug and alcohol testing in Accra based on Newmont’s drug and alcohol policy.

• Participate and develop targeted initiatives based on clinical evidence and global practices and provide wellness checks.

• Provide standard inventories of medical equipment and recommended drugs/disposables in accordance with industry standards.

Health Administration Services

Establishment of a Health Administration Service programme to include:

• Corporate support for the Health Administration Services (HAS).

• A dedicated medical provider network team. This dedicated team will build a strong relationship with local medical providers using frequent communications and contacts, together with periodical travel to high volume locations for face-to-face reviews.

• Full management of hospitals and third party provider medical inpatient/outpatient referrals.

• Medical management and medical reporting/statistics, supported by a live tracking/reporting system available to the company, HAS , and third party service providers

• Non-emergency psychological support to employees.

• Management of personnel data using appropriate software, which should be available to the company, HAS and third party service providers

• A cashless medical system in combination with a purpose-built reporting system

• Performance of a random audit of 50 inpatients and 50 outpatient invoices every quarter and reporting

results

Africa The purpose is to:

! Determine if the costs for medical services are appropriate and to detect potential fraud

Professor Wayne Dunn, President of the CSR Training Institute Isaac

2 Ahafo North Project General

(For Firms Strictly Incorporated in Ghana with Exclusive Ghanaian Directors and Shareholders)

• Corporate support for the Health Administration Services (HAS).

• A dedicated medical provider network team. This dedicated team will build a strong relationship with local medical providers using frequent communications and contacts, together with periodical travel to high volume locations for face-to-face reviews.

• Full management of hospitals and third party provider medical inpatient/outpatient referrals.

• Medical management and medical reporting/statistics, supported by a live tracking/reporting system available to the company, HAS , and third party service providers

• Non-emergency psychological support to employees.

• Management of personnel data using appropriate software, which should be available to the company, HAS, and third party service providers

• A cashless medical system in combination with a purpose-built reporting system

• Performance of a random audit of 50 inpatients and 50 outpatient invoices every quarter and reporting the results back to Newmont Africa The purpose is to:

! Determine if the costs for medical services are appropriate and to detect potential fraud

! Determine whether the length of inpatient stay is appropriate for the procedure or reason for admission

• Quality control and oversight by the contractor

Minimum Criteria

Interested organizations must demonstrate that they can meet the following minimum criteria:

• Company is incorporated in Ghana with exclusive Ghanaian shareholders and directors. We require all appropriate company documentation as well as copies of identification of the shareholders and directors to meet this requirement Interested companies currently not compliant should ensure compliance with this requirement by 30th April, 2023.

• Company is registered with the relevant regulatory and professional bodies.

• Company has or is affiliated to at least one licensed health facility in Ghana, actively in operation. We require a copy of the valid license, specific location (including GPS address) and pictures of such facility.

• Capability and proven records of successfully providing professional medical services. We require experience statement with verifiable references to support this capability.

• Financial strength and ability to provide uninterrupted medical services for a minimum of two years. We require any document to support this capability.

• Robust quality management system (Quality Assurance/Quality Control – QA/QC) to effectively execute the medical services; ISO or similar certified QA/QC would be an added advantage.

• Full compliance with all applicable health and safety, environmental, and any other relevant and/or applicable standards. We require health and safety management plan, and environmental management plan to support this capability.

• Well defined company structure and verifiable evidence of competency of employees.

Please express your interest by submitting an e-mail to Tender.NGRL@Newmont.com indicating the name of your company, contact person, and telephone details. You should also include all the requisite documents demonstrating your ability to comply with the above minimum criteria.

All expressions of interest should be accompanied by a formal letter on the interested service provider’s letterhead (submitted to the above e-mail address), with subject “AKY RFI-004-2023 – Professional Medical Services” by close of business (5:00 p m GMT) on Friday, 3rd March, 2023

South African company Optimal Energy unveiled an electric vehicle called Joule that was funded almost entirely by government investments. The ve-seat car was well-received at that year’s Paris Auto Show and won the Best on Display award at the Geneva Motor Show in 2010. But local manufacturers deemed it too expensive to commercialize, given the small size of the electric vehicle market at the time and the steep cost of producing it at scale, and the project was abandoned in 2012.

Vietnam and Turkey o er two other models of encouraging EV production. Vietnamese car manufacturer VinFast, for example, abandoned gasoline-fueled cars last year to focus on EVs. It reportedly sold 23,000 cars in 2022, with sales undoubtedly boosted by government tax credits to buyers. VinFast, a subsidiary of Vietnam’s largest business conglomerate, Vingroup, is reportedly planning to enter the US market by building a $2 billion factory in North Carolina.

Turkey, where the Automobile Joint Venture Group (TOGG) recently launched the rst locally-made EV, o ers another interesting case. TOGG, established in 2018 as a joint venture to develop a viable domestic car industry, is planning to produce 18,000 cars this year and up to 175,000 vehicles annually within the next ve years.

Turkish President Recep Tayyip Erdoğan, who is up for re-election in May, is reportedly heavily invested in the project, which he touts as the “people’s car.”

Given the urgency and scale of the challenges posed by climate change, the next decade will likely be characterized by

increased state intervention in the economy. But policymakers must remember that successful industrial policies are not about picking winners. They are about picking good students and providing them what they need to grow and prosper.

Industrial policy has returned to government agendas across the developed and developing world. While the US In ation Reduction Act has shocked America’s Asian and European trading partners, the Biden administration’s signature climate-change legislation is just the latest in a series of recent policies that seemingly y in the face of World Trade Organization rules.

At a time of growing economic and political uncertainty, it is hardly surprising that governments are increasingly embracing industrial policy. Massive government intervention, after all, underpinned East Asia’s “economic miracle” between the 1960s and 1990s.

Political scientist Chalmers Johnson attributed Japan’s postwar economic boom to the Ministry of International Trade and Industry, which dominated Japanese policymaking from 1949 to 2000. Similarly, economist Alice Amsden argued that South Korea’s transformation into an economic powerhouse relied on subsidies and tari s that encouraged the formation of giant, state-backed industrial conglomerates.

Despite the contributions of industrial policy to the East Asian growth miracle, the rise of neoliberal economics in the West made it taboo there. That began to change in 2008, however, as the global nancial crisis created a seemingly insa-

tiable appetite for government intervention. Faced with a rapidly growing China and a looming climate catastrophe, economist Mariana Mazzucato and others have reimagined industrial policy as a way to achieve a mission-oriented innovation economy guided by an entrepreneurial state.

But industrial policy’s fall from grace in recent decades re ected its own shortcomings, not just a rightward ideological shift. Japan’s failed e orts to promote domestic aircraft production in the 1970s, for example, showed that governments are not always good at picking winners. For today’s industrial policies to be e ective, governments must learn from the past and avoid two common mistakes.

The rst is shielding domestic companies from market discipline. Malaysia’s failed e ort to build an internationally competitive automotive industry around the national car company Proton is a cautionary tale.

In the 1980s, Proton gained a monopoly in the Malaysian car market thanks to various subsidies and tax bene ts. But because government support insulated the company from market discipline, it never managed to meet the quality standards needed to become a global brand. Another mistake is overreliance on foreign ownership. Thailand and South Africa used nancial incentives to lure foreign car producers to work with local manufacturers. But while their automotive industries have been more successful than Malaysia’s, they are also limited to producing lower value-added components; the higher value-added activities, such as research and develop-

ment or the production of engines and transmissions, remain in foreign companies’ home countries. China’s thriving car industry underscores the importance of nurturing local entrants. In the 1980s and 1990s, the Chinese automotive sector relied on technology transfers via foreign-owned joint ventures like Shanghai-Volkswagen. But after that strategy failed to produce the desired outcomes, the Chinese government pivoted to investing heavily in domestic manufacturers such as Chery, Geely, and BYD, enabling them to emerge as global players. By combining nancial incentives with market discipline and local ownership, policymakers can ensure that the industries they want to promote are competitive.

The evolution of South Korean car manufacturer Hyundai is a case in point. In the 1970s, Hyundai’s domestic lead was protected by high tari s. But when the company exported its Pony model to North America, the car became notorious for failing to meet even basic quality and emissions standards and could not compete with comparable French and German models. This failure, together with robust domestic profits, encouraged Hyundai to invest in R&D and eventually expand global production. South Korea’s industrial policy soon shifted from protectionism and nancial incentives toward public-private joint R&D, enabling local producers to gain the technical knowhow needed to expand into high-end products.

Mobilizing private-sector participation from the beginning and creating viable markets are crucial to industrial policies’ success. In 2008, for example, the South African company Optimal Energy unveiled an electric vehicle called Joule that was funded almost entirely by government in-

vestments. The ve-seat car was well-received at that year’s Paris Auto Show and won the Best on Display award at the Geneva Motor Show in 2010. But local manufacturers deemed it too expensive to commercialize, given the small size of the electric vehicle market at the time and the steep cost of producing it at scale, and the project was abandoned in 2012.

Vietnam and Turkey o er two other models of encouraging EV production. Vietnamese car manufacturer VinFast, for example, abandoned gasoline-fueled cars last year to focus on EVs. It reportedly sold 23,000 cars in 2022, with sales undoubtedly boosted by government tax credits to buyers. VinFast, a subsidiary of Vietnam’s largest business conglomerate, Vingroup, is reportedly planning to enter the US market by building a $2 billion factory in North Carolina.

Turkey, where the Automobile Joint Venture Group (TOGG) recently launched the rst locally-made EV, o ers another interesting case. TOGG, established in 2018 as a joint venture to develop a viable domestic car industry, is planning to produce 18,000 cars this year and up to 175,000 vehicles annually within the next ve years. Turkish President Recep Tayyip Erdoğan, who is up for re-election in May, is reportedly heavily invested in the project, which he touts as the “people’s car.”

Given the urgency and scale of the challenges posed by climate change, the next decade will likely be characterized by increased state intervention in the economy. But policymakers must remember that successful industrial policies are not about picking winners. They are about picking good students and providing them what they need to grow and prosper.

which was aimed at supporting entrepreneurs, including small and medium enterprises (SMEs).

According to Mr Nkansah, the country’s start-up landscape had seen tremendous growth in the number of entrepreneurship and innovation hubs over the last decade. He, however, said despite the positive growth, there were still some challenges, hence the need to support the growth of more businesses

through the implementation of the HAG.

The CEO further said that prospective hubs must be legally registered in the country and owned by a citizen. It might have also operated as an enterprise support organisation in the country for at least three years, including having core expertise in entrepreneurship support and in business acceleration.

Mr Nkansah added that the hubs must be able to, among

others, present a quali ed and competent team of business development experts and trainers, demonstrate good corporate governance, have adequate space to host the intended programmes for start-ups and also show traction of previous work experience with a detailed pro le. Applicants must also submit a business plan, a technical assistance support plan and a nancial and procurement

management plan.

Mr Nkansah said after the selection process, applications would be screened, after which due diligence would be done and disbursement and monitoring of the funds would begin.

He said periodic monitoring and auditing would be undertaken to ensure compliance and the judicious use of funds.

The Director of Business Support and Policy at NEIP, Franklin Owusu-Karikari, an SME specialist of

GETP, Mahmoud Tahir, and the Chairman of Ghana Hubs Network, Josiah Kwesi Eyison, all expressed appreciation to the World Bank for the support and said the grant was timely to support entrepreneurship hubs in the country. They said it was time for institutions and organisations who trained and prepared start-ups to also build their capacity.

Government launches $7m entrepreneurship programme

The $7 million grant, dubbed national entrepreneurship and innovation programme (NEIP) hubs acceleration grant (HAG) programme, is also aimed at supporting the hubs to improve on their performance to meet international standards. The initiative, which is being funded by the World Bank, will also focus on businesses operating in the agriculture, technology and innovation, light manufacturing and processing, waste and green businesses and technical and vocational sectors.

Entities eligible to apply include incubation and entrepreneurship hubs such as business incubators, technology centres, university hubs and other such support organisations.

Fifty entrepreneurship hubs will receive $200,000 each to support their operations, upgrade their o ces and equipment, and run the acceleration programmes.

Prospective applicants have been asked to visit a website: www.neip.gov.gh and other NEIP social media platforms

and apply before Friday, March 10, 2023.

The Chief Executive O cer (CEO) of NEIP, Ko Ofosu Nkansah, who did the launch in Accra yesterday, said $4 million of the fund would be used to support existing hubs that had been in operation for three years, while the remaining $3 million would be channelled into hubs which had operated for two years and below. He said NEIP's programmes were under Component Three of the Ghana Economic Transformation Project (GETP),

We’ll keenly monitor every step in ‘Gold4Oil’ chain – Opoku Prempeh assures

gramme was birthed, which are stable prices, lower prices and removing the foreign exchange conundrum are not defeated by the defects in the system.

Dr. Prempeh was speaking at the 2023 energy sector retreat at Senchi in the Eastern Region, where the Ministry of Energy and its agencies have gathered to strategise for the year.

The Minister said the programme will ensure the fuel security of the country and further charged the Bulk Oil Storage and Transportation Company (BOST) to collaborate seamlessly with the National Petroleum Authority (NPA) regulator of the downstream space to ensure robust implementation.

The Minister further bemoaned the deliberate distortions in the media space around the policy and urged the NPA to keep updating the public on the nuances of the programme. The Minister who is also the

Member of Parliament for Manhyia South said under the programme, the Chamber of Bulk Oil Distributors will not be allowed to negotiate on behalf of the Bulk Import Dis tributing and Export Compa nies (BIDECS) and thus said BIDECS who want to partici pate in the programme must apply to BOST “This programme, with stake holders such as the Energy Ministry, Ministry of Lands and Natural Resources, Bank of Ghana, PMMC being led by the Vice President to all intents and purposes will provide the needed cushion to Ghanaians. We are taking steps to ensure that the premiums charged by the International Oil Traders are reduced, achieving some e ciency gains”

The energy sector retreat which started on Friday 17th February will end on Monday, 20th February and is expected to further deepen e orts at en suring reliable power supply and fuel availability for the Ghanaian people.

Standard Bank is Africa’s most valuable banking brand for the second year

Standard Bank Group, the parent company of Stanbic Bank Ghana, for the second consecutive year has been ranked as the most valuable banking brand on the African continent. According to a new report from leading brand valuation consultancy, Brand Finance, the bank also increased its brand value by 10% in the last year to reach over $1.74 billion US dollars.

Speaking on the award, Sim Tshabalala, Standard Bank Group Chief Executive said, “We’re delighted that we continue to lead as Africa’s most valuable brand. It’s the independently assessed indication that our business model – with

its focus on providing consistently excellent service and complete banking, asset management and insurance solutions to our clients – is paying dividends.”

Kwamina Asomaning Chief Executive, Stanbic Bank Ghana, congratulated the team on this achievement. He said, “Last year, Standard Bank celebrated 160 years of providing excellent banking services across the African continent. I believe that our experience in addressing the needs of a wide array of clients across Africa have largely contributed to this recognition as Africa’s most valuable banking brand for the second time. Congratu-

lations to all who made this achievement possible; we look forward to another year of successful partnerships with our clients.” Brand Finance is the world’s leading independent brand valuation consultancy and uses the royalty relief approach to quantify the nancial value of a brand – a method that estimates the likely future revenues that are attributable to a brand by calculating a royalty rate that would be charged for its use. This value is a theoretical net economic bene t that the brand owner would achieve by licensing its brand in the open market. Every year, Brand Finance puts

5,000 of the biggest brands to the test, and publishes nearly 100 reports, ranking brands across di erent sectors and countries. The world’s top 500 most valuable and strongest banking brands are included in the annual Brand Finance Banking 500 ranking.

In 2019, Standard Bank began a journey that fundamentally rede ned its business. The Group’s purpose of “Africa is our home, we drive her growth”, aims to connect Africa to the world in pursuit of inclusive and sustainable growth for the continent. Last year, the bank was also listed as the most valuable banking brand in Africa.

Government announces settlement of DDEP

Government has announced the successful settlement and conclusion on Tuesday, 21st February 2023 of its Domestic Debt Exchange Programme (DDEP) in respect of the cedi-denominated notes and bonds issued by the Government, E.S.L.A. Plc or Daakye Trust Plc.

This successful result is a signi cant achievement for the Government in the implementation of the economic strategies of the post-COVID-19 Programme for Economic Growth (PC-PEG) during this current economic crisis.

The settlement was made pursuant to the terms and conditions set forth in the 2nd Amended and Restated Exchange Memorandum dated 3rd February 2023 (the “Exchange Memorandum”). Capitalised terms used but not de-

ned herein shall have the meanings ascribed thereto in the Exchange Memorandum.

On the Settlement Date, 16 Series of New Bonds were issued to Eligible Holders whose tenders were accepted by the Government.

Pursuant to the Exchange Memorandum, the principal amount of the New Bonds per holder is composed of the outstanding principal amount of Eligible Bonds tendered by such holder plus any amount of Accrued Interest Payable in respect thereof, and was allocated among holders based on each holder’s category pursuant to the Exchange Memorandum.

On the Settlement Date, such principal amount was credited to their respective securities account at the Central Securities Depository (“CSD”) from which each holder’s Eligible Bonds

were tendered.

Pursuant to the Exchange Memorandum, all tenders ac cepted by the Government re sulted (i) in the case of the Eligi ble Bonds issued by the Gov ernment, in electronic cancel lation of such Eligible Bonds at the CSD on the Settlement Date, and (ii) in the case of Eli gible Bonds issued by E.S.L.A. Plc and Daakye Trust Plc, in the transfer, on the Settlement Date, of such Eligible Bonds in favour of the Government who became the holder thereof.

On the Settlement Date, the Government signed the New Bond Documentation, consist ing of the new Deed of Cove nant under which the New Bonds were constituted and issued (including the Terms and Conditions governing the New Bonds attached thereto) Pricing Supplement speci c to each Series of New Bonds.

POWER TO DOMINATE: How Dejan Stancer Is Leading the Global Business Community

Interview by Hazel Herrington of Business Man Magazine

Despite numerous donations and debt relief, progress in sub-Saharan Africa has been poor to none. We can only accept this new power battle between the three great power centers, or continue to connect economies, promote global cooperation, trust, and business. In the Global Chamber of Business Leaders, we will de nitely be on the side of the latter. Being on the side of cooperation will mean being on the side of peace, and this will be especially important in the future.

This will lead to more instability in the world, especially in the underdeveloped part. As the US, EU and China are closing, there will be less and less room for the spread of economic progress, knowledge and technology to the rest of the

departure, in short, from everything that is well known to us.

A period of crisis is coming for Europe, the USA, China, and the rest of the developed world. A period of famine is coming for Africa. Most of the success in the global ght against poverty in recent decades has been achieved due to the economic progress of China and India.

HH: What opportunities do you see in 2023 for businesses and entrepreneurs?

It's hard to see into the future. No one has a crystal ball to predict the future. In any case, global connectivity would generate trade volume as well as keep in-

HH: What is your de nition of power?

I could laughingly reply that nature knows the best answer to this question, because nature has the greatest and ultimate power in this world.

In the world of business and the leaders, the greatest power is certainly what we call charisma; self-con dence, which should not be exaggerated, narcissistic, then broad knowledge, rich experience, and nally strong smooth communication. Everything else is just a consequence.

HH: How do you think power dynamics are changing in the

comes the time of growth of isola tionism and protectionism. Every part of the world strives to become self-su cient and less dependent on others.

Let me say that I am extremely proud of my colleagues and colleagues in the Global Chamber of Business Leaders. I am especially proud of the cooperation between them and the relationship that has become like watching a dispersed family living around the world. I have never encountered such belonging and desire to be part of something that will be a change for a better tomorrow in my life.

Leading such an organization is perhaps the most beautiful and best thing that can happen to you in your life. Especially since you are surrounded by such special

ommend for creating sustainable

As I said before, I myself am a big supporter of global economic cooperation and further integration, not protectionism and isolationism.

We see that in ation, for example, is becoming a growing global problem and that the world is sliding towards recession.

It's just a waste of time when the world will nd itself there, in recession. Perhaps the key to this will be the latest OPEC+ decision, taken a few days ago. Now we would need more cooperation, not less.

Personally, I am a supporter of development strategies that are based on the principle of sustainability performance and include

-

solutions for nature, the economy, and society, i.e. people.

If ever, it is especially important right now that strategies include sustainable initiatives that we can sovereignly support with our core capabilities, for example, knowledge, know-how, technologies, or anything else we are good at. It is necessary to create strategies in such a way as to achieve the highest possible social impact. We also need to understand the micro and macro environment in which we operate.

Both people and the economy now urgently need some new optimism, and the world needs integration and cooperation. We all seem to be watching helplessly as the world changes before our eyes.

For those who know how to see opportunities, crises never exist.

Opportunities must be sought in niches, perhaps in the modus operandi of a changing world.

Certainly, in the segments that deal with the problems of logistics, climate change, IT technology, arti cial intelligence, microchips, etc.

HH: What do you think are the biggest challenges facing businesses today?

The biggest problem is denitely disruptions in supply chains that cause shortages, be it microchips, spare parts, raw materials, or energy sources, and even food.

In many cases, there are no in-

surmountable obstacles behind these disturbances, but only speculative purchases.

Speculation drives in ation, causes constant price increases, major market disruptions, and diminishes people's purchasing power. Most of those with the lowest incomes.

The time period in which we live now is therefore certainly one of the most unpredictable and complex time periods of our lifetime for most entrepreneurs.

HH: What does it take to build a powerful global organization today?

You cannot build a strong organization, the strength of the organization is always in the people who are part of the organization. In fact, people are an organization.

The stronger the people, the stronger their experience, knowledge, and the more interconnected they are, the greater the strength of the organization.

And we must be able to anticipate those factors that make it necessary to consolidate strategies again and again and adapt them to necessary changes.

The ability to make quick decisions is more important today than ever before.

HH: What is your advice for maintaining well-being in a fast-paced and ever-changing world?

Giving from the heart, loving and being loved is probably the best advice for well-being during this turbulent time. And doing whatever relaxes someone, whatever that is. To live as everyone wants and as it makes them happy, even if it means moving away from some social patterns and norms. To seek and nd inner peace, and to be truly happy, also means to live a truly full life, and that is the greatest thing, true nirvana.

HH: How do you personally maintain well-being and inner balance on a daily basis?

I have very little free time and when I do, I try to relax as much as possible. I really enjoy the moments with rare but good and true friends.

I also like a good read, I enjoy watching shows about nature, especially fauna. I like good music and sometimes I just lie down and listen to music.

Of course, all of the above only happens when I'm not working, but I work every day. Sometimes up to 20 hours a day. Many people warn me that I will burn out because of workaholism, but I am happy to tell them that when a person does what he would do even if he had to do it for free, he cannot burn out.

HH: What do you see as the key trends a ecting business in the years ahead?

Depending on the sociological development of society, trends will also develop in the future. At this point, it would be hard for me to predict future

trends, let alone for years to come. For example, in 2020, when powerful social changes began, the trends were completely di erent, even diametrically opposed to what they were just a year later. Years of change and adjustment are coming, I would say. I hope for years of solidarity, understanding and cooperation. If so, we will be generational winners, otherwise...we'll see.

HH: What do you think are the biggest challenges and opportunities facing the global economy in 2023?

The greatest opportunities always come from the greatest challenges.

And the challenges are what will most likely be lled with the year 2023 as well. The world economy will almost face a recession and we can only hope that there will be no outbreaks of new major con icts around the world. We must strive hard for this, but at the same time we must do everything to bring peace to Ukraine. There is an urgent need to bring the leaders involved in this war to the negotiating table. Urgent and immediately.

The year 2023 will therefore probably be a very unpredictable year economically.

Macroeconomists predict that at least until the middle of 2023, ination around the world will continue to grow. I personally think that it will be a success if we manage to tame in ation at least until the end of 2023.

I don't even see an end to the current logistical problems. The deindustrialization of Europe is predicted. In short, the predictions for 2023 are by no means rosy.

Changes are not necessarily bad, especially if we know how to anticipate them and look for opportunities in them.

I personally believe that the coming years will not only be years of great challenges, but also years of great opportunities.

We don't have any major reasons to be pessimistic, so let's be optimistic and everything will be ne.

HH: What advice would you give to aspiring business leaders looking to achieve success in the years ahead?

I would advise them to live with their eyes open and their ears on the alert.

In this way, they will be able to see every opportunity and hear everything that can lead them to an opportunity for success.

I would advise those who are just about to embark on the entrepreneurial journey to always be aware of the deviance of greed and to never be greedy.

I know, it's hard not to be greedy in this world of greed and sel shness, but still. Greed will eventually destroy any good opportunity and send them back to square one. Instead of the desire for quick success and money, they should rather listen to their heart and intuition, and to all those who have already walked the path they are now walking.

They should never be faced with a dilemma: Heart or money.

Our Constitutional Democracy Is 30 Years

ing or changing our leaders if they go contrary to the Constitution of the Republic but the option is not in an unconstitutional way.

As we celebrate this 30 years of our democratic milestone, the Parliament of Ghana should be celebrated as well.Parliament as the citadel of democracy, is the forum where the population is represented.

Our representatives or Members of Parliament are our legislators and watchers of the the actions and inactions of the Executive.

maybe because of some infrac-

Another excellent Parliament was the 2nd Parliament of the 4th Republic(1997).It was a Parliament that produced political and legal colossus such as Hon JHMensah, Hon Nana Akufo Addo, Kwamena Bartels, Ki Konadu Apraku, Papa Owusu Ankomah, Gladys Asmah, Theresa Ameley Tagoe, Hawa Yakubu, Osafo Marfo, Richard Anane, Yaw Barmah, John Achiwulor, SK Boafo, Lawyer Aidoo, Nana Akomea on the side of the New Patriotic Party(Minority).

Ghanaians must commend themselves for sustaining their democracy for 30 solid years.

We should not underestimate this success we have so far chalked.

Many countries on our African continent have not been able to nurture their democratic culture to the stage or the number of years we have reached.

There are many despots on the continent who are not democratic and are not ready to make the process or the culture thrives. Ghana,since 1992 when we accepted democracy as a way of governance system, we have not looked back.

We have elected our leaders both the executive and legislature through the ballot box for 30 years.

We have an independent Judiciary, very vibrant media,vibrant civil society organization,numerous tink- tanks, and all the essential ingredients of Democracy freely doing their jobs.

giving us the power and the democratic thoughts to be choosing our Presidents from late President Rawlings to the current sitting President Nana Akufo Addo in democratic ways.

Presidents Kufour, late Prof Mills and Mahama must be applauded for adhering to the tenets of the Constitution.They served and left o ce without making any attempt to thwart the Constitution.

They served their people to the best of their abilities.

They were not perfect as they were and are humans. Our nation is too partisan and at times with sickening media in some aspects, but it is better than militia or military regimes and despotic governments we see around us.

It is therefore disheartening when some citizens are clamouring for military takeovers

We should never consider such nefarious governments or re-

We have seen them before and nobody will celebrate their style of governance.

The disadvantages of such governments are countless.

Today those who called for the overthrow of their civilian regimes in some of our sister countries are now being incarcerated in their various countries prisons without being given the right to legal process or representation.

They have regretted and are calling for the restoration of Democracy in their countries.

Democracy has its own constraints but the alternative is not military regimes.

Ghana is blessed with the power of understanding to appreciate the relevance of Democracy, rule of law and constitutionalism.

There are processes of remov-

They ensure that the Executive manages the a airs of the population as the law recommends.

They also ensure that the Executive manages the nation's purse very well and serve the people according to the dictates of the law.

The current 8th Parliament of the 4th is the most unique House or Parliament.

Almost an equal number of seats, leading member of the opposition won the seat of the Speaker, an almost rejected member is now the 2nd Deputy Speaker and the most powerful MP and having a member who has been barred by the Supreme Court of the land from holding himself as a member of the House until the Court decides an application brought against his quali cation as a citizen.

He has a criminal and a civil cases hanging around his neck.

Also for the rst time, most majority members of the ruling party are calling on their own Finance Minister to resign else they would not do business with him.

On the Majority side we had Alban Bagbin, Doe Adjaho, John Asiefu Nketiah, JH Owusu Acheampong, Ama Benyiwa Doe, John Mahama etc.

So far so good in our democratic culture.We have not attained perfection but we have gone beyond a good grade.

All hands must be on deck to keep, defend,protect and sustain this culture of Democracy and the Constitution of the Republic.

Ghana is not as bad as some naysayers are trying to portray.

Yes,challenges we have in many areas such as corruption, mismanagement, economic downturn, sanitation and others, but we can still overcome them.

Democracy allows us to criticise our leaders and others, but it must be done within the remit of our laws.

We should halt using any unprintable words against our country, no matter the degree of anger or annoyance.

Congrats to all who contributed and still contribute to the growth of our democratic culture.

Ahmed Osumanu Halid Nima-441

32%

As Nigerians prepare to go to the polls on Saturday to elect a new president, a cash shortage caused by a policy to exchange old Naira notes for newly designed bills continues to cripple the economy, creating a rift in the ruling All Progressives Congress (APC) party. The note swap plan championed by incumbent President Muhammadu Buhari has led to violent protests across the country and resulted in a temporary suspension of banking operations in some states. Several governors have petitioned th 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 signi cant for the Naira outlook than the election result—with the rate likely to hold around current levels until Naira supplies recover.

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 o ered better terms in the debt restructuring. Against this backdrop—and with in ation remaining elevated despite a slight improvement in January—we expect the Cedi to depreciate further in the near term.

Down Down 99%

94%

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 economic recovery. The bank said it expects in ation to slow to its 5% target by the end of the year despite in ation edging up to 10.4% last month. In the near term, we expect the Shilling to weaken amid continued food and energy price in ation.

Foreign Exchange Down

4.8%

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 risk-o sentiment globally and ongoing domestic concerns about the electricity crisis. In an e ort to ease concerns about Eskom’s nances, South Africa’s government said it will take on 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 risk-o mood that is impacting emerging markets FX.

The Pound depreciated against the dollar, trading at 30.60 from 30.48 at last week’s close, amid broader risk-o sentiment and a stronger dollar. Egypt this week issued its debut Islamic nance bond, or sukuk, raising $1.5bn. The three-year deal priced to yield 11%, having attracted investor demand of more than $5bn. The deal provides some relief to Egypt’s nance ministry given the country’s need to boost FX in ows and repay existing debt. We expect the Pound depreciate further in the week ahead mainly due to dollar strength.

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 the previous week. There are signs of recovery in FX ows: Kenya 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%

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• Company is incorporated in Ghana with exclusive Ghanaian shareholders and directors. We require all appropriate company documentation as well as copies of identification of the shareholders and directors to meet this requirement Interested companies currently not compliant should ensure compliance with this requirement by 30th April, 2023

• Company is registered with the relevant regulatory and professional bodies.

• Company has or is affiliated to at least one licensed health facility in Ghana, actively in operation. We require a copy of the valid license, specific location (including GPS address) and pictures of such facility.

• Capability and proven records of successfully providing professional medical services. We require experience statement with verifiable references to support this capability.

• Financial strength and ability to provide uninterrupted medical services for a minimum of two years. We require any document to support this capability.

• Robust quality management system (Quality Assurance/Quality Control – QA/QC) to effectively execute the medical services; ISO or similar certified QA/QC would be an added advantage.

• Full compliance with all applicable health and safety, environmental and any other relevant and/or applicable standards. We require health and safety management plan and environmental management plan to support this capability.

• Well defined company structure and verifiable evidence of competency of employees.

January 20,2023

FEBRUARY 17, 2023

Please express your interest by submitting an e-mail to Tender.NGRL@Newmont.com indicating the name of your company, contact person and telephone details. You should also include all the requisite documents demonstrating your ability to comply with the above minimum criteria.

All expressions of interest should be accompanied by a formal letter on the interested service provider’s letterhead (submitted to the above e-mail address), with subject “AKY RFI-004-2023 – Professional Medical Services” by close of business (5:00 p m GMT) on Friday 3rd March 2023

NewmontAfrica’sLocalSourcingPolicyandActionPlanispublishedonourwebsitewww newmont com

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High time for a high-seas treaty

Our planet’s tightly woven, interconnected natural systems are vital to life and livelihoods. Yet with each passing season, we are witnessing the crushing realities of the climate crisis and biodiversity loss. In its 2023 Global Risks Report, the World Economic Forum warns that six of the top ten risks in the coming decade will stem directly from the loss and degradation of nature. In the face of extreme storms and oods, devastating droughts and wildres, ocean dead zones, and food scarcity, demands for systemic change have reached a crescendo. Unless we embark on a new course, our crises will only deepen. Despite the challenge of reaching global agreements in such a fractured world, we have cause for optimism. In late 2022, the United Nations Convention on Biological Diversity (CBD) achieved a breakthrough after languishing in relative obscurity for many years. At the COP15 summit in Montreal in December, countries completed four years of negotiations and approved the Kunming-Montreal Global Biodiversity Framework (GBF), the most signi cant in tergovernmental agreement on

biodiversity in over a decade. Under the GBF, governments have committed to protect 30% of the world’s land, freshwater, and ocean by 2030; improve the sustainability of agriculture, aquaculture, sheries, and forestry; and restore 30% of degraded ecosystems. The framework establishes multiple pathways for scaling up solutions within and across borders. It includes down payments, nancial commitments, and an implementation plan, and it is already spurring action by corporations, governments, and civil society. But critical work remains to done. On February 20, UN member states gathered in New York to nalize a key piece of the ocean-governance puzzle: a new treaty to conserve and sustainably manage marine biodiversity in the high seas.

The high seas cover two-thirds of all ocean and almost half the planet, and are home to up to ten million species – many of them still unidenti ed. But much of this biodiversity remains out of sight and thus out of mind. As a result, life in this vast expanse is constantly threatened by weak regulation

and shing, and by poor enforcement of existing laws. The high seas belong both to everyone and to no one. As with many common resources, there is no comprehensive, agreed-upon framework governing conservation and the sustainable use of the ocean outside of national jurisdictions. But since the same large petrels, leatherback turtles, sharks, and whales that we seek to protect on and o our shores spend much of their lives in the high seas, there is an obvious need for more robust global strategies to protect, manage, and monitor these areas.

Marine life does not recognize legal jurisdictions. For the conservation of migratory species and transboundary ecosystems to be e ective, we urgently need a global high-seas treaty, which in turn will contribute to the implementation of the CBD’s ambitious new framework. Without it, the CBD will have much less chance of success. That is because, currently, there are no global powers to establish marine protected areas in the high seas. Even though the UN Convention on the Law of the Sea obligates states to assess the impact of ac-

tivities in their waters, there is no global mechanism for assessing activities in the high seas. Instead, there is a patchwork of assessment mechanisms for di erent bodies that regulate parts of the high seas, but no minimum standards that ensure quality or consistency.

So, what needs to happen at the summit in New York? For a new high-seas treaty to make a difference, it must achieve multiple objectives. The rst is to provide countries with the legal powers to establish and manage a representative network of marine protected areas in the high seas, as this is essential to protecting at least 30% of the ocean by 2030. Moreover, we must dramatically strengthen governance of human activities that a ect the high seas, by establishing robust, modern environmental assessment and management standards. And we need to ensure su cient nancial, scienti c, and technical support for states that require it. We will also need a mechanism for sharing the bene ts of marine genetic resources fairly and equitably, as well as a voting procedure when all good-faith e orts to reach consensus have been exhausted.

Otherwise, one or two countries will be able to block progress even on issues that are supported by the overwhelming majority.

Only through a strong high-seas treaty and bolder action within existing treaty bodies (especially sheries-management agreements) can we protect the health of the ocean. We must adapt quickly to new activities like deep-sea mining, as well as to increased shipping collisions with large animals and rising waste, noise, and arti cial-light pollution. This requires managing the whole ocean in a more comprehensive fashion. With ocean health declining, maintaining the status quo is not a viable option.

The negotiations for the rst international ocean treaty in over 40 years, and the rst to target the conservation and sustainable use of marine life in the high seas, o er another opportunity to rebalance our relationship with nature. Building on the momentum from COP15 in Montreal, we must now set a course to address the biggest risks facing our planet in the next decade.