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

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

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.

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.