Investment Times Newspaper 2023 Edition | Issue 32

Ghana’s public debt stock still at GH¢575.7bn

Recent gures released by the Bank of Ghana indicate that Ghana’s public debt stock still remains con stant at GH¢575.7 billion at the end of November 2022.

By this, Ghana’s total public debt stock increased from about GH¢467.4 billion in September 2022 to about GHC575.7 billion in November 2022.

According to the latest Bank of Gha na’s Summary of Macroeconomic and Financial Data for the period ending March 2023, the debt gure of about GH¢575 billion still puts Ghana’s debt to Gross Domestic Product (GDP) ratio at 93.5% as of November 2022.

Per the data, the country’s domes tic debt, still stands at GH¢194.7 bil lion at the end of December 2022, representing 31.6% of GDP. This is compared to GH¢195.7 bil lion recorded in September 2022, and ¢193.1 billion in November 2022.

Already, government has taken steps to restructure its domestic debt through the Domestic debt ex

(TGL) leadership team, led by Managing Director Wissam Al-Monthiry, have undertaken a day-long working tour of the Orsam Fabrication Yard and subsea installation vessel Skandi Africa, in Takoradi.

The visit provided an opportunity for TGL leaders to inspect complex subsea infrastructure currently under fabrication, as well as ongoing preparations for

installation by Skandi Africa. These installations form part of execution works for the Jubilee South-East (JSE) eld development project, and the visit preceded commencement of installation activities.

In its full year results issued on 8th March, 2023, Tullow expressed its con dence to deliver further pro table growth with the execution of the JSE project, which is on track for the second

half of 2023.

The expectation is that this added infrastructure will bring undeveloped reserves online and increase the Jubilee elds’ gross production to more than 100,000 barrels of oil per day (100 kbopd) before the end of the year.

Commenting on the visit, Wissam Al-Monthiry, said the visit to both sites was not only invigorating, but insightful as well.

Reconsider new minimum ¢20k quota–Private Electricity Vendors Association to ECG

total public debt is $29.2 billion (¢382.7 billion) in November 2022, equivalent to 62.1% of GDP. This is an increase from $28.4 billion (¢271.7 billion) in September 2022, and $28.3 billion in December 2021. The signi cant increase in the cedi component of the external debt is attributed to a 37% depreciation of the cedi to the dollar

ternal creditors to conclude external debt.

As part of this, Finance Minister, Ken Ofori-Atta travelled to China on March 23, 2023, to negotiate with China, which holds about $1.7 billion of Ghana’s debt. He is however hopeful of a success ful meeting with the Chinese govern

leadership team tour

Orsam Fabrication Yard and Skandi Africa

He said, “Seeing rst-hand all the work that has gone into the preparations for the JSE expansion project is a reminder to all of us of the local capacity that has been developed over the years. The project will increase output in the Jubilee eld, providing value not only for Tullow, but for Ghana and all

stakeholders.”

He acknowledged that the complexity, magnitude and scale of the operations at the Orsam Fabrication Yard in Ghana are a testament to Tullow’s commitment to the development of local capacity to manage complex engineering. Since its establishment in Novem-

ber 2021, the Orsam Fabrication Yard has undertaken several work scopes, training, and development initiatives to equip the workforce with high levels of pro ciency and professionalism. Orsam is currently made up of a 90% Ghanaian workforce, with over one million man-hours completed successully without a single

safety incident, making it a success story of true local capacity development. To date, the yard has successfully fabricated, integrated, and completed manifolds, pile tops, water injection structures and other critical subsea infrastructure for installation in the Jubilee South-East eld.

Skandi Africa is one of the world’s

largest subsea installations vessels and is operated by Technip FMC. It is one of their newest subsea installation vessels, tted with state-of-the-art technology and capacity to conduct complex subsea pipe-laying activities. The pipe-laying system is about 70 meters high o the deck of the vessel and weighs about 2,000 tonnes.

Economic crisis: US to seek Paris Club’s support for Ghana

needs to ensure that it scales through its current economic crisis.

“We welcome Ghana’s commitment to reform its economy for sustainable and inclusive growth. We support Ghana’s engagement with the IMF, and we will continue to push all bilateral creditors to provide meaningful debt reduction for countries that need it.

“It is critical to do so to build long-term economic growth and prosperity and to increase US investments. Our partnership is already strong, and I believe that today we have strengthened it.”

The US has also announced that its Department of Treasury’s O ce of Technical Assistance (OTA) will deploy a full-time resident advisor to assist the Ministry of Finance to develop and execute medium-to-long-term reforms needed to improve debt sustainability and support a competitive, dynamic government debt market.

funds to cope and operate with the new minimum level of quota purchase especially when they are operating more than one meter systems. Sacri ces by vendors to stand in ECG during odd hours when the letter is not operating will have harsh consequences on customers countrywide because majority may not have the required amount being requested to operate more”, it added.

Continuing, it said the ECG should take a cue from the Bank of Ghana which has directed the telecom

transactions to only ¢15,000, “so raising your requirement to ¢20,000 will be in contravention to Bank of Ghana’s directives and obviously pose great challenge to vendors loading their wallets”.

Furthermore, the National Private Electricity Vendors Association said the possibility of compounding unemployment in the country will also be very great for as it is now that no vender employs less than two cashiers for their operations.

“We should also very mindful of

happening in this our country is always attributed to the government. Inconveniencing customers in their localities may cause/call for the government intervention in such a situation, especially when the country is drawing near to election”, it added.

“May we humbly suggest that in view of ECG Management intention to introduce the super vending concept, some of these issues be assigned to the Super Vendors to be appointed to handle, so that Vendors can thrash out most of

up in the process with their respective assigned Super Vendors”, it concluded.

The United States government has promised to intervene on Ghana’s behalf with the Paris Club as the country seeks debt forgiveness as part of the International Monetary Fund’s balance of payment support.

The US Vice President, Kamala Harris, announced this at a joint Press Conference with President Akufo-Addo. According to Mrs Harris, the US will help Ghana with all the support it

The project, according to the USA will complement and build on the Government of Ghana’s debt restructuring e orts.

This project is part of OTA’s ongoing engagement to strengthen public nancial management and nancial sector oversight across sub-Saharan Africa. Ghana, which is struggling with its worst economic crisis in a generation, secured a sta -level agreement with the International Monetary Fund (IMF) in December for a $3 billion loan, though asking lenders to provide nancing assurances is a condition for the IMF’s board to sign o the programme.

Debt servicing relief: China pledges to support Ghana

China’s Finance Minister, Liu Kun, says his country has con dence in the management of the Ghanaian economy, and that his country would help Ghana seek debt servicing relief. At a meeting in Beijing with Ghana’s Finance Minister, Ken Ofori-Atta, last week, Mr. Kun said the Chinese authorities “have con dence in Ghana’s economic management and its long-term economic viability.”

Mr. Kun said he wanted to ensure that Ghana’s external debt treatment request was considered expeditiously and was thus accompanied to the meeting with Mr. Ofori-Atta by a high-level delegation including Mr. Wu Fuli, Chairman of China Exim-Bank. Minister Kun said “we know that these are short-term challenges which we as responsible creditors, remain committed to resolving”.

“The long-standing and prosperous relationship between Ghana and China imposes on us a responsibility to help,” the Chinese Finance Minister added. He said that just like other African countries, Ghana was facing economic di culties from a once-in-a-lifetime pandemic, geopolitical tensions and interest rates hike in advanced countries with a spillover e ect on developing countries.

This week, all eyes are on Ghana’s parliament which will consider three key revenue measures whose approval is expected to rake in ¢4.4 billion in domestic revenues. It is one of the major actions on the part of Ghana, critical to trigger IMF Executive Board approval of a $3 bil-

lion dollar facility for the country to ease its current economic di culties.

The Chinese o cials have expressed commitment to help Ghana resolve the current short-term liquidity challenges and continue to support Ghana’s medium and long-term development aspirations.

They said China believed in promoting debt sustainability and sustainable development and would advocate for more concessional and grant funding for Ghana, especially at this time.

“Ghana needs more concessional and grant fund from creditors,” said Mr. Zhang Wencai, Vice President of China Exim bank, adding that “the Multilateral Banks should therefore do more for Ghana.”

Mr. Ofori-Atta congratulated Liu Kun on his reappointment as Minister for Finance following the recently-ended National People’s Congress and thanked the Chinese authorities for participating in the G20 Creditor Committee meeting on Tuesday March 21, 2023. He indicated that this was a sign of China’s show of leadership in the global nancial ecosystem, and an a rmation of their support for Ghana.

Other Chinese o cials who met Mr. Ofori-Atta were Deng Li, Vice Minister of Foreign A airs; Li Fei, Vice Minister of Commerce; Wang Weidong of the China Development Bank (CDB), Yang Haitao, General Manager of the International Commercial Bank of China (ICBC), and Luo Zhaohui, Chairman of the China International Development Cooperation Agency (CIDCA).

Graduates urged to take advantage of digital tools to win in the age of the

Nana Dwemoh Benneh, the Chief Executive O cer of the Universal Merchant Bank (UMB), has urged graduates of the University of Ghana to take advantage of the bene ts of digital tools to establish themselves as entrepreneurs.

Nana Dwemoh Benneh made these comments at the 75th congregation ceremony of the College of Education where he was the guest speaker. The ceremony saw the graduation of 11,711 students drawn from the constituent schools of the college namely School of Continuing and Distance Education, School of Information and Communication Studies and the School of Education and Leadership. The Provost of the College of

Ardey Codjoe in his opening remarks noted that the graduating class had students from over 50 other countries amongst the cohort, once more cementing the University of Ghana’s place as the premiere University in Ghana. In her remarks read for her by the Pro Vice–Chancellor Prof. Felix A. Asante, the Vice –Chancellor of the University noted some key successes chalked by the University for the year under review. Key highlights here included the Vice–Chancellor’s Student Digitization Initiative to allow for synchronous and asynchronous virtual learning. She also noted that the University of Ghana had taken pride of place in Ghana as the top

rics/ Alper Doger school rank ings. In her speech prior to con rming the conferment of degrees on the presented candidates, the chancellor of the University Mrs. Mary Chinery–Hesse, represented by Ms. Doris Kisiwa Ansah and Mrs. Yvette Adounvo Atekpe, members of the University Council congratulated management for continuing efforts to ensure that the university returns to full and normal operations post the Covid pandemic. She also commended management for innovative e orts to resource the university and also to ensure best management practices including being the rst university in Ghana to institute a gender policy state-

ment.

Nana Dwemoh Benneh, the CEO of the Universal Merchant Bank in his speech reiterated his pride in being an alumnus of the University, graduating some 23 years ago. He painted a vivid picture of a contrast between the world he graduated into and the world of today. He noted that the key di erentiator was how much digital tools had transformed the world, especially the world of work. He noted for instance that unlike in 1996, his year of graduation, new music albums could top the chart without a CD or a cassette being produced. He used this example to establish the point that the world we nd ourselves in the age of the digital entrepreneur and admonished graduating students to follow the exam-

ples of other successful entrepreneurs in and out of Ghana and seek to establish their own enterprises. “Opportunities exist for the diligent who apply themselves to exploiting the digital world and creating di erent kinds of work relevant to the emerging society.”

The College of Education is made up of the following schools: School of Information and Communication Studies, School of Education and Leadership and the School of Continuing and Distance Education and is one of the colleges of the University of Ghana. The university of Ghana was founded in 1948 as a university college of the Gold Coast. This year’s congregation marks the 75th congregation of the university.

Kasapreko, Group Chairman receive Presidential Honour at 2023 National Honours and Awards

Kasapreko Company Limited and its Group Chairman, Dr. Kwabena Adjei, have been honoured by President Nana Addo Dankwa Akufo-Addo at the 2023 National Honours and Awards ceremony in Accra, Ghana, for their roles in the ght against the COVID-19 pandemic.

The company – one of the largest indigenous beverage producers –was recognised for its contribution to changing its production line to manufacture hand sanitisers to aid in the ght against the global virus. The Group Chairman was honoured for his role in helping establish the COVID-19 Private Sector Fund. The fund built the Ghana Infectious Disease Centre (GIDC), a

100-bed capacity facility, to improve the medical diagnostic and research capacity of Ghana with regard to infectious diseases. The hospital was built in a record time of 100 days since the country has no such facility and there was a need to control the infection rate of COVID-19.

Richard Adjei, Managing Director for Kasapreko, who received the honours on behalf of the company and the Group Chairman, expressed gratitude to the President for the recognition, saying that the company responded quickly to the country's urgent need by stepping in as a local producer of sanitisers. He further stated that the compa-

ny converted some of its production facilities to produce hand sanitisers at an a ordable rate or more or less break even to ensure that people get sanitisers at a cheaper cost and also make them more available across the nation to help prevent the Covid-19 virus.

“Kasapreko on our part as one of the biggest importers of alcohol and with alcohol being 99 percent of sanitiser production saw the need and decided to convert some of our lands to produce sanitisers at an affordable rate or more or less break even to make sure that people get sanitisers at and also make it more available across the nation in order to help prevent the COVID-19 virus,” Kasapreko’s Director said.

The gesture by Kasapreko helped make hand sanitisers readily available and cheaper to meet the demand for the product in the country, curbing the spread of the virus.

Kasapreko’s Managing Director added that the company donated GH¢2 million in cash, as well as other items to communities and other institutions, including Korle-Bu Hospital, Ridge Hospital, the Prisons Service, Ministries, Schools, and the community where they operate.

Kasapreko’s e orts, coupled with other protocols and measures instituted by the government and other stakeholders, greatly assisted in containing the coronavirus and

earned Ghana commendations from the international community. The president’s recognition adds to a long list of awards Kasapreko has received, particularly, in the last decade, including consistent appearances on the coveted Ghana Club 100 list.

“Again, I must say we are truly honoured by Mr. President’s gesture. We are also very humbled by the impact we were able to make during such a di cult time. We recognize that this recognition comes with great responsibility, and we are committed to using our company's resources and expertise to continue playing an active role in the development of our nation.,” the Managing Director added.

BoG increases policy rate to 29.5%

The Bank of Ghana has increased its policy rate by 150 basis points to 29.5% to help check the high ination and any downside risks to the economy.

This means the cost of credit will continue to remain high, a ecting household spending and private sector growth.

Average lending rates shot up marginally to 36.64% in February

2023, from 35.58% recorded in December 2022. This is equivalent to 3.02% interest rate on loans per month.

Announcing the development few minutes ago, Governor of the Bank of Ghana, Dr. Ernest Addison, said the ease in price pressures abroad will likely impact positively on Ghana’s domestic ination pro le going forward.

“Headline in ation has declined marginally for two consecutive months, but continues to remain relatively high compared to the medium-term target of 8±2%. To place the economy rmly on the path of stability and reinforce the pace of disin ation, it is important that the monetary policy stance be tuned further to re[1]anchor in ation expectations towards the medium-term target. Given these considerations, the MPC decided to increase the Monetary Policy Rate by 150 basis points to 29.5%”, he said. He said the recent Domestic Debt Exchange Programme (DDEP) has impacted negatively on banks, hence the need for the Central Bank to make necessary adjustments to its regulatory requirements to support the banks.

“Whiles the domestic economy still faces relatively tight global nancing conditions and heightened uncertainty about the global economic outlook, the e ects of these could be ampli ed inherent

vulnerabilities including structural and excess liquidity following the DDEP and the widening negative outlook gap”.

He, however, said the banks remain strong, sound and stable based on its recent stress test. He added that the Monetary Policy Committee of the Bank of Ghana will continue to monitor developments within the banking industry to reduce the downside risks to the economy.

He explained that on scal policy, the Committee noted that the budget statement for 2023 has set scal policy on a consolidation path which is consistent with key elements agreed with the IMF at the Sta Level in December 2022.

“The domestic debt exchange, new revenue measures, and structural scal reforms will provide signi cant reduction of debt service and help create scal space”.

Dr. Addison added that the scal outlook is contingent on nancing of the budget and will require the conclu-

sion of the domestic debt exchange programme as well as securing the requisite nancing assurances from bilateral donors.

“Indications are that these discussions are proceeding well. Based on the above, it is imperative that Parliament prioritizes the passage of the revenue bills currently before it. Under the Sta Level Agreement with the IMF, the Bank of Ghana and the Ministry of Finance have nalised a Memorandum of Understanding on zero nancing to the budget, which will be signed shortly”, he said.

He added that the passage of the relevant revenue bills by Parliament will conclude the required prior actions to advance Ghana’s programme to the IMF Executive Board. This, he said will be critical in resetting the economy on the path of recovery, including putting it rmly on a disin ation path and sustained growth.

11 green SMEs graduate from EU- funded GrEEn Acceleration Programme

To support mature and growing green and sustainable entrepreneurs who have innovative products and services that do not harm the environment or makes use of waste materials in the Ashanti and Western Regions, SNV Netherlands Development Organisation has been rolling out a 6-month business support and training programme called, GrEEn Acceleration Programme in partnership with Innohub, a business accelerator and advisory hub in Ghana.

The GrEEn Acceleration Programme forms part of the 4-year Boosting Green Employment and Enterprise Opportunities in Ghana (GrEEn) Project

which is being implemented by SNV Ghana with funding from the European Union Emergency Trust Fund (EUTF) for Africa and the Embassy of the Kingdom of the Netherlands in Ghana.

On Friday, 24 March 2023, eleven (11) green businesses from cohort 3 and cohort 4 of the GrEEn Acceleration Programme graduated after receiving training on securing national and diaspora investments, meeting environmental and social safeguards requirements, good manufacturing practices and eco-friendly packaging, and many other support services.

Overall, a total of 12 green entrepreneurs representing the 11 greenbusinesses graduated and include: Amdiya Abdul Lati of Eco-Me Africa,Hanna Boakye-Asiamah of Baanuena Farms, Georgina Filson of Ginal Foods Processing, Hospitality & Entrepreneurial Development Training Centre, Michael Acquah of Supreme Pod Industry Limited and Nana Yaa Manu Adjei of Waterforce Ventures from the cohort 3 batch.

Under Cohort 4: Elizabeth Bayo of Nasag-Lach Company Limited, Louisa Agartha Manu of LOMEL Foods and Catering Services Limited, Mavis Prah of Yebitom, Rita Aku-Shika Diabah of Yesli Ice, as well as Rashida

Moro and Zachariah Abubakar, co-founders of Mushfam Enterprise.

Out of the 11 entrepreneurs who graduated from the GrEEn Acceleration Programme, 6 of them have been awarded grants totalling three hundred and ninety-seven, thousand, thirty cedis (GHS 397,030) from the European Union and SNV under the GrEEn Innovation Challenge in 2021 and 2022 as well as the GrEEn Business Plan Competition in 2021 and 2022 to scale up their businesses and create jobs for youth job seekers in the Ashanti and Western Regions. A total of 20 businesses have received training under the GrEEn

Acceleration Programme. As part of the graduation ceremony, entrepreneurs from the 11 businesses pitched their products and services with Rita Aku-Shika Diabah of Yesli Ice emerging as overall winner and receiving GHS 10,000 from Innohub and Wangara Capital to purchase equipment to scale up production of her natural beverages.

Aside the GrEEn Acceleration Programme that targets matured businesses in the Ashanti and Western Regions, SNV is also rolling out the GrEEn Incubation Programme in partnership with business hubs in these two regions which targets small businesses and start-ups.

The increasing prevalence of AI has raised questions about its impact on foreign intervention, particularly in the areas of diplomacy, cybersecurity, and surveillance.

AI has the potential to revolutionize diplomacy and international relations by providing data-driven insights, automating bureaucratic tasks, and enabling more e ective communication. AI-powered tools can help policymakers better understand complex global issues, predict potential crises, and develop more e ective strategies for con ict resolution.

Additionally, AI has the potential to assist in disaster response efforts, humanitarian aid coordination, and climate change mitigation.

As AI becomes more advanced, the threat of cyber warfare and foreign intervention in the digital realm has grown signi cantly.

State-sponsored hackers can leverage AI to develop more sophisticated cyber-attacks, while nations can also use AI for defensive purposes, such as detecting and neutralizing threats. The potential for AI to be used in cyber warfare has raised concerns about the need for international norms and agreements to regulate its use and minimize the risk of con ict.

AI's growing presence in surveillance technologies, such as facial recognition and data analysis, has raised concerns about its potential to facilitate foreign intervention and erode privacy. Governments can use AI-driven surveillance tools to monitor citizens, both domestically and abroad, which could lead to a chilling e ect on free expression and democratic processes. This has sparked debates on the need for clear international guidelines on the use of AI in surveillance and privacy protection.

AI is driving a new era of research and development, as machine learning algorithms help researchers identify patterns, make predictions, and uncover insights

that were previously unattainable. This has led to breakthroughs in elds such as medicine, climate science, and materials science, accelerating the pace of innovation and opening up new avenues for collaboration between nations.

AI has contributed to signi cant advancements in communication technologies, such as natural language processing, speech recognition, and real-time translation. These innovations have made it easier for people from di erent cultures and linguistic backgrounds to communicate and collaborate, thereby fostering greater global understanding and cooperation.

The global AI market has experienced rapid growth in recent years, with countries around the world vying for dominance in this emerging eld. This has led to increased international competition and a race for AI talent, resources, and investment. While this competition can drive innovation and economic growth, it can also raise concerns about the potential for technological imbalances and the weaponization of AI.

AI-powered language translation tools, such as Google Translate and Microsoft Translator, have made signi cant strides in recent years, enabling more accurate and ecient translations across a wide range of languages. This has helped to break down language barriers and foster greater cultural understanding, paving the way for more e ective international collaboration and interaction.

AI is transforming global education by enabling personalized learning experiences, automating administrative tasks, and providing educators with data-driven insights to improve student outcomes. As a result, students around the world can access higher-quality education, regardless of their location or socioeconomic background. Additionally, AI-driven tools and platforms can help bridge the global skills gap by providing targeted training and upskilling opportunities, preparing the workforce for

While AI has the potential to revo lutionize diplomacy, enhance in ternational collaboration, and pro mote global understanding, it also presents challenges related to cy bersecurity, privacy, and ethical considerations.

Addressing these challenges will require the development of inter national norms, agreements, and governance frameworks to ensure that AI is used responsibly and eq uitably. By doing so, we can har ness the power of AI to foster a more interconnected, cooperative, and inclusive world, while mitigat ing the risks associated with its de velopment and deployment.

The entry of arti cial intelligence (AI) into our lives has signi cantly transformed the way we interact with the world around us. As AI continues to advance, there have been numerous debates and theories surrounding its implications for humanity, particularly in relation to the possibility of extraterrestrial life. One such theory posits that the emergence of AI has hindered the intervention of out-of-Earth foreign entities, such as unidenti ed ying objects (UFOs), with the objective of promoting our technological development for improved understanding and interaction.

the jobs of the future.

AI-powered platforms, such as Slack, Zoom, and Microsoft Teams, have made it easier for teams and organizations to collaborate and communicate across borders, fostering greater international cooperation. These platforms enable more e cient work ows, real-time communication, and seamless integration with other tools, helping to break down barriers and facilitate global collaboration on projects, research, and initiatives.

While AI has the potential to foster greater global understanding and cooperation, it also poses several challenges and risks. These include the potential for AI to exacerbate existing inequalities, the risk of AI being used for malicious purposes, and the challenges posed by AI-driven job displacement. Addressing these challenges will require a concerted e ort from governments, businesses, and civil society to ensure that AI is developed and deployed responsibly and equitably.

As AI continues to evolve, it is crucial to address the ethical considerations and potential negative consequences associated with its development and use. This includes issues related to privacy, fairness, accountability, and transparency. To ensure that AI is developed and deployed responsibly, there is a need for global governance frameworks that establish clear guidelines, norms, and regulations.

In the long run, AI has the potential to promote a more interconnected and cooperative world by facilitating communication, collaboration, and understanding between individuals, communities, and nations. By breaking down language barriers, fostering cultural exchange, and enabling more e cient global cooperation, AI can help create a more inclusive and interconnected global society.

The entry of arti cial intelligence into our lives has undoubtedly had a signi cant impact on various aspects of society, including foreign intervention, technological development, and global understanding.

This paper explores the theory that AI's presence in our lives has, in fact, hampered the involvement of extraterrestrial beings in our technological progress. We will examine the potential reasons behind such interference and delve into the paradox of AI's role in accelerating or obstructing humanity's ability to engage with UFOs. Throughout history, reports of UFO sightings and encounters have captivated the public's imagination.

While these mysterious occurrences remain unexplained, some believe that they are evidence of extraterrestrial beings' attempts to engage with humanity. This section will provide an overview of UFO sightings and incidents, as well as the potential links between these events and human technological advancements.

The advent of AI has spurred significant advancements in various elds, including communication, medicine, and automation. However, it has also given rise to concerns about the possibility of a technological singularity – a hypothetical point at which AI surpasses human intelligence, resulting in unforeseeable consequences. This section will discuss the concept of technological singularity, its potential implications for humanity, and its relevance to the theory of extraterrestrial intervention. This section will explore the crux of the theory: that AI's presence in our lives has hindered extraterrestrial intervention aimed at promoting our technological development. We will analyze the reasons behind this assertion, focusing on the following key points:

1. The potential for AI to surpass human intelligence and become an obstacle to extraterrestrial interaction.

2. The notion that AI may render human-made technologies obsolete, negates the need for extraterrestrial assistance.

3. The possibility that AI could lead to increased secrecy and surveillance, making it more di cult

Beyond the central theory, this section will explore the broader implications of AI's development and its potential impact on humanity's interaction with extraterrestrial life. Topics to be discussed include:

1. Ethical considerations surrounding AI, such as the potential for misuse and the question of machine consciousness.

2. The possible consequences of extraterrestrial intervention in human a airs, including the risks and bene ts associated with accel erated technological development.

3. The role of international coop eration and regulation in managing the potential challenges and op portunities presented by AI and ex traterrestrial encounters.

The theory that AI has hindered ex traterrestrial intervention aimed at promoting human technological development raises several com pelling questions about the role of AI in our society and its implica tions for our understanding and in teraction with UFOs. The paradox of AI's in uence on extraterrestrial intervention highlights the com plexities and uncertainties that surround the future of technologi cal advancements and their poten tial connection with out-of-Earth foreign entities.

While some argue that AI's rapid development may obstruct or negate the need for extraterrestrial assistance, others suggest that AI could actually facilitate communi cation and cooperation with other worldly beings.

Furthermore, alternative perspec tives propose that AI may be a product of extraterrestrial in u ence rather than a hindrance to it.

Ultimately, the debate surrounding AI's impact on extraterrestrial in tervention underscores the impor tance of continued research and exploration in the elds of arti cial intelligence, UFOs, and extrater restrial life. As our understanding of these subjects evolves, so too will our ability to assess the veracity of this theory and its implications for humanity's future.

By fostering international cooperation, ethical considerations, and responsible regulation, we can navigate the challenges and opportunities presented by AI and potential extraterrestrial encounters.

This approach will not only enable us to better comprehend the role of AI in our lives but also help to advance our understanding of the universe and our place within it.

As AI continues to advance, it has begun to reshape the way we collaborate and communicate on a global scale. AI-enhanced tools, like language translation and video conferencing software, have made it easier to bridge linguistic and cultural barriers, fostering greater international understanding and cooperation.

Huawei and partners hold TECH4ALL media roundtable on Day 1 of MWC Barcelona 2023

The need for enhanced policy changes and local investment in the United Arab Emirates-Israeli Private Sector Partnership

Author: Samuel Shay is an International Business Expert and Chairman of leading Israeli tech rm, Gulf Technologies Systems

As my activities in the Gulf region increase, the need for future cooperation between Israel and the United Arab Emirates, (UAE) emphasizes the importance of policy changes, required from the UAE government regarding local investment, to develop new industries and projects in partnership with the Israeli private sector.

My analysis underscores the signicance of a strengthened bilateral relationship, and potential economic and technological bene ts, and provides recommendations to further enhance cooperation between the two countries.

The normalization of diplomatic relations between Israel and the UAE under the Abraham Accords in 2020 has opened up a range of opportunities for cooperation in various elds, including technology, security, agriculture, healthcare, and education. I try to analyze the requirements for future cooperation and the policy changes the UAE government needs to facilitate local investment and encourage collaboration with the Israeli private sector.

A strong partnership between Israel and the UAE can unlock signi cant economic potential for both countries. The UAE can bene t from Israel's expertise in agriculture, cybersecurity, and water management, while Israel can access the UAE's vast nancial resources and investment opportunities. This collaboration can lead to increased trade, job creation, and overall economic growth.

Israel is renowned for its innovative technology ecosystem, often referred to as the "Start-Up Nation."

Through collaboration with the UAE, Israeli companies can gain access to new markets, while UAE-based businesses can leverage Israeli technological advancements to improve their operations and services.

Enhanced cooperation between Israel and the UAE can contribute to regional stability and security. Both countries share common strategic interests in countering threats posed by extremist groups and ensuring stability in the Middle East. By working together, they can

strengthen their position in the region and foster a more secure environment.

The UAE government should revise its legal and regulatory framework to create a more conducive environment for Israeli-UAE investments. This includes easing restrictions on Israeli companies, simplifying visa processes, and ensuring the protection of intellectual property rights. A transparent and predictable legal system will encourage more Israeli companies to invest in the UAE with local businesses' cooperation

To attract Israeli investors, the UAE government should o er nancial incentives and support, such as tax breaks, grants, favorable loan terms, and join investment programs. These incentives can reduce the barriers to entry for Israeli companies and encourage investment in new industries and projects.

The UAE government should actively facilitate networking and matchmaking opportunities between UAE and Israeli businesses. This can be achieved through organizing joint trade shows, conferences, and business forums, as well as promoting the exchange of business delegations.

promoting joint research and development initiatives between UAE and Israeli institutions, focusing on sectors such as renewable energy, arti cial intelligence, and biotechnology. This will enhance knowledge transfer and facilitate the development of new technologies and innovations.

prioritize investment in high-tech industries such as renewable energy, cybersecurity, arti cial intelligence, and biotechnology. These industries have signi cant growth potential and can lead to the creation of high-value-added jobs.

encouraging collaboration between Israeli and Emirati startups through joint incubator and accelerator programs. This will enable startups from both countries to access resources, mentorship, and funding opportunities, fostering innovation and creating new business opportunities. establishing special economic zones (SEZs) speci cally designed for Israeli companies with high technological pro les. These SEZs can o er a range of incentives, such as tax breaks, simpli ed regulations, and streamlined licensing procedures, making it easier for Israeli businesses to establish a presence in the UAE.

Both countries should prioritize investing in human capital development through joint educational and training programs. This can include exchange programs, joint research initiatives, and professional training courses, enabling the workforce to acquire the necessary skills to succeed in emerging industries. promoting public-private partnerships (PPPs) to facilitate investment in large-scale infrastructure and development projects. By leveraging the resources and expertise of both the public and private sectors, the UAE can ensure the successful implementation of new projects while reducing the nancial burden on the government.

The normalization of relations between Israel and the United Arab Emirates presents a unique opportunity for both countries to deepen their economic ties and bene t from each other's strengths.

To fully harness the potential of this partnership, the UAE government must implement policy changes that encourage local investment in new industries and projects, in collaboration with the Israeli private sector. This will not only lead to economic growth and job creation but also contribute to regional stability and security in the long term.

By focusing on high-tech industries, strengthening the startup ecosystem, establishing special economic zones, investing in human capital, and encouraging public-private partnerships, both countries can create a robust framework for cooperation and ensure a prosperous future for their citizens.

As part of the future development between the two countries, I think that there is a high potential for economic joint development in third parties countries.

The New Frontier:

Israeli-UAE Cooperation in Developing Strategic Technological Projects in Africa, South America, and Asia Israel and the UAE, both recognized as global leaders in innovation and technology, possess a wealth of knowledge, expertise, and resources that can signi cantly bene t developing regions such as Africa, South America, and Asia. By collaborating on strategic technological projects, Israel and the UAE can contribute to economic growth, job creation, and sustainable development in these

regions. Developing regions often face challenges in infrastructure development and connectivity. Israeli-UAE cooperation can lead to the deployment of advanced technologies to enhance transportation systems, develop smart cities, and improve internet connectivity in rural areas. By investing in infrastructure projects, Israel and the UAE can help bridge the digital divide and promote economic growth in these regions.

Agriculture and Food Security

Agriculture is a critical sector for many developing countries, and Israeli-UAE collaboration can revolutionize agricultural practices through the implementation of advanced agri-tech solutions, including precision agriculture, irrigation systems, and biotechnology. By sharing their expertise in water management and desert agriculture, Israel and the UAE can contribute to food security and climate change resilience in Africa, South America, and Asia.

Renewable Energy and Sustainability

Both Israel and the UAE have made signi cant strides in renewable energy development. Joint projects in renewable energy can help developing regions access clean, a ordable, and sustainable energy sources, mitigating the impact of climate change and fostering green growth. This includes solar power, wind energy, and innovative energy storage solutions, which can reduce the dependence on fossil fuels and help achieve the United Nations Sustainable Development Goals.

Healthcare and Biotechnology

Israeli-UAE cooperation in healthcare can contribute to improved medical infrastructure and access to advanced treatments in developing regions. By collaborating on the development of telemedicine platforms, mobile health clinics, and innovative medical technologies, Israel and the UAE can enhance the quality of healthcare services and contribute to the overall well-being of local populations.

The Future of Trilateral Cooperation

The potential bene ts of Israeli-UAE cooperation in developing strategic technology projects are vast. Engaging in trilateral coop-

eration with countries in Africa, South America, Asia, Israel, and the UAE can create synergies and build strong partnerships that transcend regional boundaries.

Trilateral cooperation can foster goodwill and strengthen diplomatic relations between Israel, the UAE, and countries in developing regions. By working together to address common challenges, the countries can build mutual trust and create a foundation for future diplomatic initiatives.

Through trilateral cooperation, the countries involved can share knowledge and expertise to address global challenges. This collaboration can lead to joint research initiatives, technology transfer, and capacity-building programs, ultimately contributing to sustainable development.

By partnering with countries in Africa, South America, and Asia, Israel, and the UAE can contribute to regional stability and security. This includes combating terrorism, piracy, and human trafcking, as well as addressing issues related to migration and refugees.

Israeli-UAE cooperation in developing strategic technology projects across Africa, South America, and Asia has the potential to transform these regions, contributing to economic growth, sustainable development, and enhanced quality of life. By engaging in trilateral cooperation, Israel and the UAE can strengthen diplomatic ties, share knowledge and expertise, and enhance regional stability and security. This collaboration can create a new frontier for innovation and progress, forging strong partnerships that transcend regional boundaries and foster global prosperity.

As the world becomes increasingly interconnected, countries need to work together to address shared challenges and build a better future for all. The Israeli-UAE partnership serves as a powerful example of how two countries, once adversaries, can come together to create positive change on a global scale. By extending this cooperation to developing regions in Africa, South America, and Asia, Israel, and the UAE have the opportunity to make a lasting impact and contribute to a more sustainable, secure, and prosperous world.