Investment Times Newspaper 2023 Edition | Issue 10

The Social Security and National Insurance Trust (SSNIT) has atly rejected the claim in the 2020 Auditor-General’s report, citing the trust as having served as a guarantor to transport company, Intercity STC for secure a loan of US$17.5m from ADB Bank.

According to the 2020 Auditor-General’s report, SSNIT guaranteed ISTC to take a loan of US$17,500,000.00 from ADB Bank to procure 100 Buses to augment their eet. The implication of the guarantee is that, in the event of ISTC’s default of the loan, SSNIT could be called upon to pay.

These revelations came up at the Public Accounts Committee

By Eugene Davies

(PAC)sitting on Wednesday, when the management of SSNIT together with its sector minister, of Employment and Labour Relations with added oversight role of Pensions, Ignatius Ba our-Awuah appeared before the committee at Parliament House.

A member of the committee, Sam George [MP, Ningo-Prampram] sought to enquire from o cials of SSNIT as to how they have served as a guarantor to ISTC as captured in the audit report.

In response to the question, the Director General of SSNIT, Dr. John Ofori-Tenkorang stated that the trust never guaranteed a loan of US$17,500,000.00 from ADB Bank for ISTC to procure 100

Buses to augment their eet.

“I am challenging the audit report to say that, we have not signed any guarantee to guarantee the facility that was taken by ISTC from ADB. In fact, when that facility was entered into, ISTC came to SSNIT to give a loan and we declined, the SSNIT board declined because there was outstanding loans that had not been paid so it would not have been prudent to go and extend a further loan. So, they got the ministry to help them get the loan from ADB and what we had to do was to give a no objection -so we are not, and there is no guarantee document that SSNIT has signed to guarantee that loan and the auditors can produce that document if such

exists,” he said.

Further, audit nding disclosed that there was the need to protect SSNIT’s investment in Intercity STC totaling GH¢49.5m.

The report also indicated that its review of the performance of the Intercity State Transport Company (ISTC) Ltd disclosed the following challenges of the Company;

The ISTC Company has not presented its audited Financial Statements over the years to SSNIT as a majority shareholder.

SSNIT has also not received any dividends from ISTC on their 80% majority shareholding investment. The trust did not recover various loans and shareholders

advances given to ISTC. As at 31/12/19 ISTC did not make payments on any of the 3 loans it contracted.

But responding to the auditor’s general report, the Deputy Director-General in-charge of Investments, Mr. Ko Osafo-Maafo, said they are in discussions with the ISTC’s board on how the loan will be repaid.

“SSNIT continues to engage ISTC Management with respect to the repayment of the loan and has asked the company to submit a repayment plan. The company is yet to submit their plan for the Trust’s consideration and further action given the lack of visibility in the current market conditions.

Renowned economist and academi cian Prof Steven Adei will be speak ing at the maiden edition of the LEADTIONARY webinar series, hosted by Bishop Gideon Titi-Ofei, on February 4th this year.

The event, which is expected to feature about 50 in uential global

ment Planning Commission shares his views on leadership.

Prof Adei, an exemplary leader, who has demonstrated his leadership skills in both academic and gover-

By Philip Gyebu

There were positive signs in last year globally as tourism recovery accelerated to reach 65% of pre-pandemic levels. Covid-19 hit hard the tourism industry, how-

ever as predicted, there was going to be a rebound because tourist cannot and will not stop travelling. A friend was telling me he nancee was in Ghana from the US last December. I also had three family relation travelling to Ghana last month. Whiles at the airport to

LEADTIONARY year-long series begins today....

50 leaders talk leadership and Ideas with Bishop Titi-Ofei

nance, was also the rst rector of the Ghana Institute of Management and Public Administration (GIMPA).

He will use the LEADTIONARY platform to share the inspirational stories behind his rise to leadership and global in uence.

As a scholar, Professor Adei has authored and co-authored more than 25 books and 8 book chapters. He has also written more than 100 articles, keynote addresses and papers. Among his well-known books are Leadership and Nation Building, The Promise of Leadership: The Chances of Ghana Having the Leadership to Move the Country from Third to First World, Called to Lead, Introduction to Economic Science, Twelve Keys to Financial success and Retirement Planning: Taking the Tire out of Retirement

Speaking in an interview, Bishop Gideon Titi-Ofei, who is the host and the Presiding Bishop of the Pleasant Place Church, said LEADTIONARY aims to create a world of inspirational leadership ideas that grow leaders. He said LEADTIONARY uses inspi-

rational approach to leadership growth and development instead of the traditional informational approach used by many organizations and academic institutions.

“The latter teaches the principles of leadership whiles the former talks to/about personalities behind the principles.

In the inspirational approach, leadership practitioners share their experiences and ideas intended to inspire a generation of leaders who can lead change, drive innovation, and solve complex problems,” he added.

Bishop Titi-Ofei noted that every recognized leader is a proven problem solver, saying “problem solving is what separates a leader from a follower.”

Renowned economist and academician Prof Steven Adei will be speaking at the maiden edition of the LEADTIONARY webinar series, hosted by Bishop Gideon Titi-Ofei, on February 4th this year.

The event, which is expected to feature about 50 in uential global leaders in a year-long webinar series, will witness the former Di-

rector-General of National Development Planning Commission shares his views on leadership.

Prof Adei, an exemplary leader, who has demonstrated his leadership skills in both academic and governance, was also the rst rector of the Ghana Institute of Management and Public Administration (GIMPA). He will use the LEADTIONARY platform to share the inspirational stories behind his rise to leadership and global in uence. As a scholar, Professor Adei has authored and co-authored more than 25 books and 8 book chapters. He has also written more than 100 articles, keynote addresses and papers. Among his well-known books are Leadership and Nation Building, The Promise of Leadership: The Chances of Ghana Having the Leadership to Move the Country from Third to First World, Called to Lead, Introduction to Economic Science, Twelve Keys to Financial success and Retirement Planning: Taking the Tire out of Retirement Speaking in an interview, Bishop

Gideon Titi-Ofei, who is the host and the Presiding Bishop of the Pleasant Place Church, said LEADTIONARY aims to create a world of inspirational leadership ideas that grow leaders.

He said LEADTIONARY uses inspirational approach to leadership growth and development instead of the traditional informational approach used by many organizations and academic institutions.

“The latter teaches the principles

talks to/about personalities behind the principles.

In the inspirational approach, leadership practitioners share their experiences and ideas intended to inspire a generation of leaders who can lead change, drive innovation, and solve complex problems,” he added.

Bishop Titi-Ofei noted that every recognized leader is a proven problem solver, saying “problem solving is what separates a leader from a follower.”

Positive signs for Ghana’s tourism industry in 2023

pick them up, I lost count of the number of Ghanaians who were returning home for festive season. Indeed, many tourists were around foreign as well. According to UNWTO, International tourism is on track to reach 65% of pre-pandemic levels by the end of 2022 as the sector continues to bounce back from the pandemic.

An estimated 700 million tourists travelled internationally between January and September, more than double (+133%) the number recorded for the same period in 2021. Knowing that many travels happened in December, the anticipated numbers will increase further. This equates to 63% of 2019 levels and puts the sector on course to reach 65% of its pre-pandemic levels this year, in line with UNWTO scenarios. Results were boosted by strong pent-up demand, improved con dence levels and the lifting of restrictions in an increasing number of destinations. Highlighting the speed at which the sector has recovered from the worst crisis in its history, the latest World Tourism Barometer from UNWTO reveals that monthly arrivals were 64% below 2019 levels in January 2022 and had reached -27% by September. An estimated 340 million international arrivals were recorded in the third quarter of 2022 alone, almost 50% of the nine-month total.

Europe continues to lead global recovery

bound of international tourism.

The region welcomed 477 million international arrivals in January-September 2022 (68% of the world total), hitting 81% of pre-pandemic levels. This was more than double that of 2021 (+126%) with results boosted by strong intra-regional demand and travel from the United States. Europe saw particularly robust performance in Q3, when arrivals reached almost 90% of 2019 levels.

At the same time, the Middle East saw international arrivals more than triple (+225%) year on year in January-September 2022, climbing to 77% of pre-pandemic levels.. Africa (+166%) and the Americas (+106%) also recorded strong growth compared to 2021, reaching 63% and 66% of 2019 levels, respectively. In Asia and the Paci c (+230%) arrivals more than tripled in the rst nine months of 2022, re ecting the opening of many destinations, including Japan at the end of September. However, arrivals in Asia and the Paci c remained 83% below 2019 levels. China, a key source market for the region, remains closed.

Arrivals and receipts at – or above – pre-pandemic levels

Several subregions reached 80% to 90% of their pre-pandemic arrivals in January-September 2022.

Western Europe (88%) and Southern Mediterranean Europe (86%) saw the fastest recovery towards 2019 levels. The Caribbean, Cen-

By Philip Gyebu

Northern Europe (81%) also recorded strong results. Destinations reporting arrivals above pre-pandemic levels in the nine months through September include Albania, Ethiopia, Honduras, Andorra, Puerto Rico, Dominican Republic, Colombia, El Salvador and Iceland.

In the month of September arrivals surpassed pre-pandemic levels in the Middle East (+3% over 2019) and the Caribbean (+1%) and came close in Central America (-7%), Northern Europe (-9%) and Southern and Mediterranean Europe (-10%).

Meanwhile, some destinations recorded notable increases in international tourism receipts in the rst seven to nine months of 2022, including Serbia, Romania, Türkiye, Latvia, Portugal, Pakistan, Mexico, Morocco and France. The recovery can also be seen in outbound tourism spending from major source markets, with strong results from France where expenditure reached -8% through September, compared to 2019. Other markets reporting strong spending in the rst six to nine months of 2022 were Germany, Belgium, Italy, the United States, Qatar, India and Saudi Arabia.

Strong demand for air travel and hotel accommodation

The robust recovery of tourism is also re ected in various industry indicators such as air capacity and hotel metrics, as recorded in the UNWTO Tourism Recovery

Tracker. Air seat capacity on international routes (measured in available seat-kilometres or ASKs) in January-August reached 62% of 2019 levels, with Europe (78%) and the Americas (76%) posting the strongest results. Worldwide domestic capacity rose to 86% of 2019 levels, with the Middle East (99%) virtually achieving pre-pandemic levels Meanwhile, according to STR, global hotel occupancy rates reached 66% in September 2022, from 43% in January. Europe led the way with occupancy levels at 77% in September 2022, following rates of 74% in July and August. The Americas (66%), the Middle East (63%) and Africa (61%) all saw occupancy rates above 60% in September. By subregion, Southern Mediterranean Europe (79%), Western Europe (75%) and Oceania (70%) showed the highest occupancy rates in September 2022. The challenging economic environment, including persistently high in ation and soaring energy prices, aggravated by the Russian o ensive in Ukraine, could weigh on the pace of recovery in Q4 and into 2023. The latest survey among the UNWTO Panel of Tourism Experts shows a downgrade in con dence levels for the last four months of 2022, re ecting more cautious optimism. Despite growing challenges pointing to a softening of the recovery pace, export revenues from tourism could reach USD 1.2 to 1.3 trillion in 2022, a 60-70% increase over 2021, or 70-80% of the USD 1.8 trillion recorded in 2019.

Andrew Takyi-Appiah, Co-Founder and Managing Director of Zeepay

by Stevie Wonder who intends relocating to Ghana.

Dave Chapelle has promised to return to Ghana to set up a comedy club. According to Olele, “he assured the Ghanaian comedians who were in the room (DKB, Lekzy, OB, etc) that he would visit their comedy clubs in Ghana when he returns “. In a conversation with model Naomi Campbell on her podcast, in April 2021, the comedian said his decision was inspired by award-winning Soul singer Steve Wonder who said in an interview recently that he wants to relocate to Ghana permanently.

Dave Chappelle said he is interested in not only visiting Ghana but buying some properties as well. Who knows, he may also relocate to Ghana some time to come. He made a vedio of his visit which has been a good promotional material for Ghana. If Ghana is able to attract African Americans to return to Ghana every December with a mindset of a kind of pilgrimage and investment drive, the economy will be much better.

Our focus must be to work towards achieving two million visitors to Ghana on a yearly base. This can be achieved if and when the African American market is well explored and the diaspora is made to accept Ghana as not their second home but their rst home.

Among the many visitors was Dave Chappelle. As part of the Beyond The Return initiative he made it here and he is one of the biggest name from the US to have arrived following previous arrival of Syeve Harvey, Beyonce, Usher just to mention a few. Jay-Z who is reported owns properties in Ghana was instrumental in bringing the world acclaim comedian. Dave has made it known that he has interest in making a home in Ghana. He has been in uenced

Another Ghanaian-American comedian Michael Blackson also commissioned his much-talked-about academy at Agona Nsaba in the Central Region. This is also a great opportunity of inviting developmental projects in our community. Beyond visiting tourists’ site, encouraging them to develop our community will be great drive for the year 2023. Philip Gebu is a Tourism Lecturer. He is the C.E.O of FoReal Destinations Ltd, a Destinations Management and Marketing Company based in Ghana and with partners in many other countries. Please contact Philip with your comments and suggestions. Write to forealdestinations@gmail.com / info@forealdestinations.com. Visit our website at www.forealdestinations.com or call or WhatsApp +233(0)244295901/0264295901.Visist our social media sites Facebook, Twitter and Instagram: FoReal Destinations.

Bishop Gideon Titi-Ofei Prof. Stephen Adei

Eliminate the debt ceiling

On January 19, 2023, the stock of outstanding US federal debt reached $31.4 trillion, technically bumping up against the statutory “debt ceiling.” The Treasury is now resorting to “extraordinary measures” to buy more time for Congress to raise or suspend the debt limit before interest or principal payments come due. A failure to do so will trigger a sovereign default.

If you doubt that this could ever happen, think again, because it already has. In 1790, the Treasury, under Alexander Hamilton, took over the debts of the states and deferred interest payments until 1801. In November 1814, when the War of 1812 had destroyed both the Treasury and the White House, the government did not have enough gold and silver to pay the interest due on its debt. And in 1862, the federal government refused to redeem into gold greenbacks that it had created the previous year. Then, in 1933, Congress, at the request of President Franklin D. Roosevelt, reneged on the government’s obligation to make payments on Liberty bonds in gold at a xed price. And in April and May of 1979, a technical glitch caused the Treasury to miss the deadline for redeeming $122 million in maturing Treasury bills, with some investors waiting more than a week to be paid.

According to Article 1, Section 8, of the US Constitution, Congress alone has the authority to borrow on the account of the federal government. The debt limit was created with the Second Liberty Bond Act of 1917, which set it initially at $11.5 billion. Prior to this legislation, Congress had authorized each federal debt that

was issued. But ever since its creation, the debt ceiling has provided occasions for sham bolic stando s between con gressional scal conservatives and incumbent presidential administrations.

Since 1960, Congress has acted 78 times – 49 times under Re publican and 29 times under Democratic presidents – to raise the debt limit, temporari ly extend or suspend it, or revise how it is de ned. In ad dition to the accidental default in 1979, there have been many other close calls. The most recent was in 2011, when S&P Global Ratings downgraded the US long-term credit rating from AAA to AA+, even though the US did not default and Congress did eventually raise the debt ceiling by $2.4 trillion.

The periodic chaos and exceptional measures associated with the debt ceiling are both costly and unnecessary. The arti cial constraint on outstanding debt means that conicts about public spending and tax revenues usually have to be resolved at least twice, rst when the spending and tax programs clear the appropriate congressional hurdles and are signed by the president, and then again whenever the debt ceiling is approaching.

This is all a matter of simple arithmetic. The outstanding stock of public debt is a historical artifact. Barring default, it cannot be changed. Congress and the state of the economy (which itself may be in uenced by scal programs) determine federal public spending (excluding interest payments) and federal tax revenues. Together with the interest payments on the outstand-

ing stock of debt, these gures give us the federal budget decit for the current period. Add the current de cit to the current period’s initial debt stock, and you get the next period’s initial debt stock. And the exercise can be repeated for future periods to determine the entire sequence of future public debt stocks. It therefore makes no sense to add an additional debt ceiling to the congressional scal-nancial arsenal. The congressionally determined debt limit is either redundant or inconsistent. It is redundant when the constraint is not binding, and inconsistent when the constraint is binding, because it is blocking tax and spending policies that Congress has already voted into law. The cases of redundancy are not damaging, but they do make the US look silly. By contrast, the cases of inconsistency are not just costly but potentially catastrophic.

There are several ways to resolve the issue. The debt ceiling could win, forcing Congress to cut spending and/or raise taxes by however much it takes to keep the actual debt below the cap. Alternatively, the de cit could win, leading Congress simply to raise or suspend the ceiling to accommodate the spending and revenue programs that it has already approved. Compromises between these two outcomes are a third possibility. Or, nally, Congress could do nothing and allow the US to default. A non-accidental default scenario would be an extremely serious matter. Given the US dollar’s role as a global reserve currency and the importance of US Treasury securities in the global monetary and nancial system, it would likely produce a nancial crisis and a serious recession in the US and worldwide.

What is to be done? The Fourteenth Amendment of the US Constitution states that “the validity of the public debt of the

United States … shall not be questioned.” This clause, combined with common sense, argues for a de facto abolition of the debt ceiling. There is no other practical option.

Revoking Congress’s constitutional borrowing authority would likely be a bridge too far and, even if feasible, would take too long. A better solution would be to assign to Congress, through legislation, the “deemed authority” to raise the debt ceiling automatically (assuming it is binding, as it is today) in every current and future period by the amount of the de cit implied by the congressionally determined and presidentially approved federal spending and tax programs. Such an action would be equivalent to a permanent suspension of the debt ceiling. It is time to take the Constitution, arithmetic, economics, and common sense seriously and discard the debt ceiling once and for all.

First female Master Blender of Johnnie Walker hosts Virtual Masterclass for Media Personalities.

took members of the media on a whisky tasting journey during a virtual masterclass the 24th of January,2023.

The virtual session, attended by select media and in uenc ers from around the continent,

By Eugene Davis

! Emma Walker, Johnnie Walker’s First Female Master Blender, takes media on a multi-sensory journey of Johnnie Walker Black Label.

Johnnie Walker’s rst female Master Blender, Emma Walker,

GSS, Vodafone & Flowminder Foundation renew agreementpartnership for Data for Good to enhance development planning

The miraculous tale of Precious, a young girl who once had nger deformities, was revisited in the ninth episode of Vodafone Healthline's Spin-O edition. She was able to get surgery and use her ngers again after that, thanks to Vodafone.

Precious could not grip objects or eat with her hands because she was born with a limb abnormality, which worried

her family about her ability to thrive in school.

Six months after her operation, Precious smiled as she greeted the Vodafone Healthline team, demonstrating the tremendous transformation she has undergone. The operation has restored her ability to hold things and play with her friends, much to her family's delight.

Dr. Kwekuma Yalley, a member of the team that visit-

ed Precious and her family, underlined the importance of waiting a while before considering another operation for Precious, given her young age.

Precious' mother, Cecilia Acheamaa, thanked the Vodafone Healthline team for their assistance, admitting that it had been di cult to watch her daughter struggle with her condition. Precious' family is eager to enrol her in school

now that she has recovered.

Drs. Aba Folson and Kwekuma Yalley debunked a myth about post-partum belly- attening during the episode. According to Dr. Yalley, binding the belly after giving birth can momentarily give the appearance of a at tummy when wearing a tting dress, but it does not make the tummy at in the long run. Dr. Folson stated that, while there is no scientif-

ic evidence to back the technique, tying the belly regularly can help maintain muscle tone, burn fat, and push the internal organs inward. Consistent core and muscle strengthening exercises, according to the experts, are essential for maintaining a trim midsection after pregnancy.

Dr. Salamatu Nantogma, a family medicine expert who spoke about dementia and

Govt announces final Feb 14 deadline for Domestic Debt Exchange Programme

The government has extended the deadline for the Domestic Debt Exchange Programme (DDEP) for the fourth time.

The Ministry of Finance said the nal extension to Tuesday, February 14, 2023, from today, January 31, 2023, was necessitated by developments including its latest o er to individual bondholders.

The Ministry said its latest o er of instruments with a maximum ma-

turity of 5 years, instead of 15 years, and a 10% coupon rate to individual bondholders below the age of 59 years was to encourage them to participate in the Exchange.

Additionally, all retirees (including those retiring in 2023) will be o ered instruments with a maximum maturity of 5 years, instead of 15 years, and a 15% coupon rate. The ministry encouraging all

bondholders to commence ad ministrative processes towards their participation in the Ex change added that discussions were also being nalised with Or ganized Labour and Pension Fund Trustees, on a separate arrange ment in accordance with the Memorandum of Understanding signed with Organized Labour (on December 22, 2022) in line with the government’s debt management Programme.

Ukraine and Africa aim to

economic cooperation

Despite the former Soviet re public of Ukraine for almost a year, is experiencing the worst times due to an extensive spe cial military operation from its neighbour Russia, it has simul taneously been stepping up efforts to support Africa. During the past year, it despatched tonnes of fertilizers, wheat, grains and other agricultural products to a number of African countries, most them located in the Horn and East

In order to boost its e orts in establishing cordial working relations especially in the area of economic cooperation, Ukrainian Foreign Ministry Dmitry Kuleba last year visited a number of African countries, held useful conversations with high-powered government ofcials, and plans to open diplomatic representative o ces this year inside Africa. It also plans to boost exports and participate in taking up opportunities of manufacturing offered by the single continental

The overarching message in all these is to focus on engaging and expanding the expected long-term partnership, and collaboratively establish trade links. For connecting business interests between Ukraine and Africa, Ukrainians are rapidly studying more possibilities for participating in the African Continental Free Trade Area which was already agreed on, in the process, with a number of African leaders and the African Union.

Early January, Ukrainian Agrarian Policy and Food Minister Nikolai Solsky visited Senegal, where he signed a memorandum of understanding between the Ukrainian ministry and the relevant Senegalese agency on January 9, the Agrarian Policy and Food Ministry website.

Senegalese government agencies and private companies. It provides for the possible storage of Ukrainian grain at so-called grain hubs. Ukraine is willing to export not only foodstu s but also other goods to African countries, which requires the development of logistical infrastructure.

The o cial document points out that Ukraine is considering the implementation of new logistical projects in Senegal to step up exports of its agricultural produce via the Port of Dakar. West African republic of Ghana plans to implement new logistics projects, which will help increase agricultural exports from Ukraine. Ukrainian Agrarian Policy and Food Minister Nikolai Solsky and Ghana's Minister of Food and Agriculture Owusu Afriyie Akot, have thoroughly discussed steps to broaden agricultural cooperation and trade relations.

The parties discussed a potential joint project, a logistics hub that will be able to store food products, including grain, and will help stabilize food prices in the region. Besides Ghana and Senegal, Nigeria has also expressed high interest in setting up such hubs in its territory. The current geopolitical situation should rather have a reliable and diversi ed transit and transport infrastructure to destinations where it is badly needed especially naturally disaster-a ected regions in Africa.

"There have been meetings in Ghana, Senegal, and Nigeria. These countries regularly take

power, but it is big and is developing, and therefore, it needs to be monitored," Ukrainian media quoted Solsky as saying.

Solsky said each country he had visited was interested in developing cooperation with Ukraine and ready to expand the capacity of their ports to increase the volume of Ukrainian grain unloaded and stored there. But, before launching the construction of hubs in Africa to transship Ukrainian grain, Ukraine needs to receive guarantees from the countries concerned including documenting the guarantees and the principles of operating them either by Ukraine, or whether it will be a state company, and how private traders will be involved in this cooperation.

Solsky said that his ministry would provide more information about infrastructure projects in mid-spring 2023, as in the coming months it would have to hold additional consultations with the authorities of African countries and businesses interested in Ukrainian grain exports to Africa.

Within the framework of the roadmap, it has launched its development projects including constructing facilities for storage agricultural foodstu s and for onward distribution throughout some regional markets, to o set food shortages in Africa. Ukraine, however, insists that food and fertilizer trade should not be subjected to sanctions or any restrictions.

According to several reports carefully monitored by this

author, President Volodymyr Zelenskiy has held 18 conversations with African leaders in 2022, nine of which were the rst instances of bilateral communication between Ukraine and these African countries. Ukrainian Foreign Ministry listed some of them such as Ghana, Guinea-Bissau, Democratic Republic of Congo, Zambia, Ivory Coast, Malawi, Mozambique, Niger, and Botswana.

President of Guinea-Bissau and Chairperson-in-O ce of the Economic Community of West Africa Umaro Embalo visited Ukraine in October 2022. It was the rst o cial visit by a leader of a sub-Saharan African state since 2004, according to the Ukrainian Foreign Ministry.

Ukrainian Foreign Ministry

Dmitry Kuleba, for his part, held 35 phone calls and meetings with his counterparts from African countries in 2022, the ministry said. The rst ever African tour by a Ukrainian foreign minister took place in October 2022. The report indicated that Minister Kuleba visited Senegal, Ivory Coast, Ghana, and Kenya.

Ukraine's Special Representative for the Middle East and Africa Maxim Subkh, appointed in July 2022, also visited ve African countries. Within this emerging multipolar world, Ukraine is broadening its geopolitical in uence, and of course it is important for Ukraine to x its diplomatic presence on the continent to an appreciable level necessary for active interaction, in a continuous and e cient manner, with Africa. It has o cial representation, an observer status, at the African Union.

Arriving back to Kyiv after his visit to Washington in December, President Volodymyr Zelenskiy, in a video address, announced that Ukraine would

open 10 new embassies in African countries. "We are rebooting relationships with dozens of countries in Africa. We must strengthen this as we have already determined ten countries where new Ukrainian embassies in Africa will be opened. We have also developed a concept of the Ukraine-Africa Trade House. Its o ces will open in the capitals of the most promising countries of the continent," he said.

President Zelenskiy considers Africa as a unique and dynamically developing continent with whom to have relations.

In addition, these countries are steadily gaining political weight and achieving signicant economic successes, it therefore becomes necessary to look for more new partners eventually targeting African countries.

The Chairman of the African Union and President of Senegal, Macky Sall, together with the Chairperson of the African Union Commission, Moussa Faki Mahamat, visited Moscow and Kyiv in an attempt to mediate the con ict, but without any result in sight.

"We do not want to be aligned on this con ict, very clearly, we want peace. Even though we condemn the invasion, we’re working for a de-escalation, we're working for a cease re, for dialogue … that is the African position," Senegalese Macky Sall said, back in May 2022.

Meanwhile, Africa is still divided over the crisis between Russia and Ukraine, the crisis that have caused global economic instability since February 24, 2022. The African Union (AU) and African leaders understand aspects of the geopolitical complexities, implications and possible solutions to the existing con ict between Russia and Ukraine.

Kestér Kenn Klomegâh

DPO Pay is Fintech Discovery of the Year

…For deepening nancial inclusion through cutting edge innovations

we have the right investment to expand and deepen our pres-

DPO Pay currently works with over 60,000 active merchants, including airlines, hotels, restaurants, travel agents, and eCommerce all over Africa.

And, as part of its e orts to bring payment solutions closer to local businesses including small and medium Enterprises, in 2022 DPO Pay partnered with Mastercard to enable thousands of these businesses to o er their customers greater choice and convenience by pivoting online and accepting digital payments.

Payment Service Provider, has been adjudged as the ‘Fintech Discovery of the Year’ at the 2022 Ghana Fintech Awards.

The award recognizes international ntech companies, working within the local Ghanaian ntech ecosystem to provide multiple choices to the industry and clients, ranging from payments infrastructure, credit and debit cards, mobile money, merchant acquisitions and other payment methods, leading to an integrated nancial sector.

This recognition was also to appreciate and honour the company’s contribution to the provision of best-in-class infrastructure for the deployment

o er both nancial and non-nancial services, provision of excellent service support structure, robust service-oriented technology platform that enables seamless transactions among others.

Country Manager, Frank Anwelle, who received the award on behalf of the company, attributed the recognition to the company’s continuous desire to roll out cutting-edge solutions to simplify payment processing across the continent with the objective of deepening nancial inclusion.

“We are thriving in the industry and this recognition was in appreciation of the value addi-

cess,” he added.

Mr. Anwelle said that being honoured as the Fintech Dis-

among the top ve ntech companies that had a good acquisition and this means that

The company also released a new version of its payments app, DPO Pay Mobile. Previously known as DumaPay, the App now o ers a variety of new features to allow for easier, more convenient transactions no matter where in Africa their

DPO Pay was founded in 2006 and since then it has grown to be a pan-African PSP with more than 400 employees and a presence in 21 African countries.

The 2022 Ghana Fintech Awards is an initiative of Arkel Limited –a Fintech research and management consulting rm – that is proudly supported by the Ghana Fintech and Payments Association. The awards scheme was initiated to recognise and acknowledge the efforts and achievements of individuals and companies driving last mile solutions.

Audiomack partners with MTV Base to Enhance Music and Entertainment Accessibility for Africans

In line with its commitment to promoting the growth of music in Africa, Audiomack has partnered with MTV Base, one of the continent’s topmost youth entertainment channels. This partnership will serve to provide increased access to premium music content for listeners, whilst enhancing appreciation for African artists across the continent.

The strategic partnership has been implemented as an editorial collaboration aimed at incorporating MTV Base’s curatorial voice and shows into the Audiomack platform in Africa. With its initial focus on the Nigerian Afrobeat scene, this monumental partnership will strengthen end-to-end relationships between players in the music eco system, including listeners and artists.

Commenting on this laudable alli ance, Charlotte Bwana, Director of Brands and Media Partner ships at Audiomack Africa, com mended the undeniable growth of the African music industry in recent years and highlighted the importance of partnerships such as this in ensuring accessibility and variety in the satisfaction of music listeners’ expectations.

She said, “The African music in dustry has experienced iconic and undeniable growth in the last few years, and this has done more to re ne the expectations of listeners in terms of access to op timal music entertainment. In this regard, as the leading music streaming platform within the Af rican continent, we understand that the satisfaction of our listen ers’ demands is paramount, and we are constantly seeking new av enues and strategic partnerships to create value for the communi ty.”

“The collaboration with MTV Base, a renowned youth-driven African entertainment platform, will ensure that we satisfy our listeners’ demand for quality music entertainment, as MTV Base's Music programs like O cial Naija Top 10 (ONTT), amongst others will be available on Audiomack as playlists. These will also give artists the chance to be featured as playlist covers, and as a result, o er an increased opportunity in marketing e orts for African artists across both platforms which forms an integral part of our commitments,” she added.

Also speaking about the partnership, Busola Komolafe,

mount said, “We are excited about our partnership with Audiomack Africa as this will advance our mission of bringing premium music entertainment to our audience. We strongly believe that this strategic collaboration will not only allow our audience to listen to the best music wherever they are, whenever they want but will also give artists and other players within the music ecosystem a unique opportunity for their music to reach more youth across the African continent.”

With a presence in all 54 African countries, Audiomack remains committed to advancing the growth of music in Africa, through the implementation of

strategic partnerships and investment into the region’s culture and communities.

About Audiomack: Audiomack, which launched in 2012, currently reaches more than 20 million monthly users globally. The streaming and discovery service has played an integral role in breaking new acts, such as Roddy Ricch and Kaash Paige; served as a trusted partner to Eminem and Nicki Minaj, among other notable artists, to debut exclusive releases; and helped rising African stars, such as Omah Lay, reach an international audience. Download the Au-

diomack app from the Google Play Store or the App Store.

About MTV Base: MTV Base is the leading youth media brand inspired by music in nearly 180 countries and 450 million homes worldwide, connecting with more than 350 million fans across all social media platforms. A unit of Paramount Global, MTV Base’s operations span cable and mobile networks, live events like the MTV Africa Music Awards, reality shows, and music shows. For more information about MTV Base in Africa, follow us on social @mtvbaseafrica

Fly Emirates to Dubai and enjoy a free night’s stay at Fairmont The Palm

thing for every traveller when visiting Dubai, particularly for those looking for a little winter sun. From sun-soaked beaches and heritage activities to world-class hospitality and leisure facilities, Dubai o ers a variety of world-class experiences.

ets for concerts and sports events. Learn more about Emirates Skywards here: https://www.emirates.com/gh/english/skywards/

Emirates has announced an exciting new o er for Ghanaian travellers planning their next sun escape to Dubai in partnership with Fairmont Hotels & Resorts. Starting from 30 January 2023 to 13 February 2023, Ghanaian travellers who purchase an Emirates return ticket in First or Business Class to or stopping over in Dubai, will be able to enjoy a complimentary night stay at Fairmont The Palm hotel.

This special o er is valid for all return tickets to or stopping over in Dubai, purchased until 13 February 2023. The o er is available on bookings made on https://www.emirates.com/gh/english or via participating travel agents, for bookings made at least 72

hours in advance of passengers’ arrival.

Named after Dubai’s iconic manmade island, the Palm Jumeirah, Fairmont The Palm is the ideal luxury resort for couples and families. O ering 381 lavish rooms and suites overlooking the stunning Arabian Gulf and the incredible Dubai skyline, travellers are able to experience some of the world's nest avours at a choice of ten restaurants and bars.

Guests traveling with young ones can enjoy the “Fairmont Falcons Kids’s Club” which o ers extensive activities for children from 3 years up to 15 years old in friendly and cozy surroundings while guests looking for some relaxation can indulge in a treatment in the renowned Fairmont Willow

Stream Spa.

The luxurious resort also includes four outdoor temperature-controlled swimming pools, private white-sand beach and a state-of-the-art health club.

Only 25 minutes from the Dubai International Airport and close enough to explore the beautiful Dubai Marina and other popular local attractions.

For additional nights, customers can book on https://www.fairmont.com/palm-dubai/offers/winter-sun-escape/ .

Explore more of Dubai with Emirates

With Emirates, there is some-

• My Emirates Winter Pass: Customers ying to or through Dubai can simply show their boarding pass and a valid form of identi cation to hundreds of retail, leisure, and dining outlets, as well as famous attractions and luxury spas, to enjoy fantastic discounts throughout Dubai and the UAE. To see all My Emirates Pass o ers, please visit https://www.emirates.com/gh/english/

• Emirates Holidays: Customers can book their holiday to Dubai through https://www.emiratesholidays.com/gh_en/ All Emirates Holidays include exible booking options. Whilst for even more peace of mind, Emirates Holidays’ dedicated https://www.emiratesholidays.com/gh_en/pages/on-holiday-service will be there to support holidaymakers for every moment that they’re away.

• Skywards partners: Members of Emirates’ award-winning loyalty programme, Skywards, can earn Miles on everyday spends at retail outlets in the UAE, and redeem these Miles for reward tickets, upgrades, as well as tick-

• Dubai Experience: Customers can now browse, create and book their own customized itineraries including ights, hotel stay, visits to key attractions, and other dining and leisure experiences in Dubai and the UAE, through Emirates’ Dubai Experience platform, and enjoy even more unique bene ts.

Emirates has safely restarted operations to more than 130 destinations, across six continents and currently operates 7 ights per week from Accra to Dubai.

For more information, visit https://www.emirates.com/gh/english. Tickets can be purchased on https://www.emirates.com/gh/english, Emirates Sales O ce, via travel agents or through online travel agents.

• The “O er”: includes one (1) complimentary night stay at Fairmont the Palm hotel on room only basis

• The complimentary stay will be booked on the arrival date of the ight booking • Bookings for this o er must be made at least 72 hours prior to arrival

Minimum stopover time of 20 hours is required to redeem this exclusive o er

IIPGH, AFOS Foundation and partners launch Tech Job Fair (TJF) 2023

Ghana is occasioned by lack of job openings or a mismatch of skills in relation to the available jobs. It is in response to this dilemma that the concept of a Tech Job Fair (TJF) was conceived and birthed in 2021 and it is a great opportunity to nd or change to a new job, learn from the best experts in IT & digital industry and as well learn from and network with peers,” he said.

Organisers of the annual Tech Job Fair (TJF) are geared up to give potential employees and employers yet another thrilling and exciting opportunity to recruit and be recruited into the job market after a media launch of the fair in Accra.

The 2023 edition of the Tech Job Fair (TJF) scheduled to come o on Wednesday, February 22, 2023 at the Accra International Conference Center (AICC) will be held under the theme ‘Leveraging technology to create inclusive and sustainable jobs’.

Before the main event takes place, there shall be several other stakeholder engagements for employers and employees separately.

The one-day job fair is to bring together companies looking for new talents, on one hand, and job-seeking graduates on the other to exhibit and ll up job openings through an innovative rapid recruitment process.

Chief Executive O cer (CEO) for the Ghana Investment Fund for Electronic Communications (GIFEC), Prince Ofosu Sefah, who was the guest speaker, noted that the Tech Job Fair is in line with govern-

ment’s agenda to bridging the unemployment gap in the country.

“One of the things I like most about the upcoming Tech Job Fair is the fact that, once again, it is going to create an opportunity for industry players to interface with tech job seekers so they can dialogue on how best tech job vacancies can be lled. Government therefore throws its full weight behind the 2023 Tech Job Fair. My assurance to IIPGH and AFOS Foundation and all partners is that government will continue to support initiatives such as these.”

Director General for National Information Technology Agency (NITA), Mr. Richard Okyere-Fosu, on his part highlighted that the country is thriving on digitalization and stressed on the need for businesses and individuals to be digitally inclined to stay relevant in the industry.

“All these require new set of skills, from the security man at the company entrance to the board chairman. All must be trained and retrained with modern day employable skills.

The Tech Job Fair is one of the best platforms for the new age,” he said.

AFOS Foundation represented

by Hanna Schlingmann, project manager AFOS/DigiCAP.gh, said: “We are very optimistic that the young professionals who have participated in the digiCAP training have amazing career opportunities ahead of them. With the DigiCAP Junior Consultant Program, the AFOS Foundation encourages young talents to develop an entrepreneurial spirit, so they can become not only well-paid employees, but even well-paying employers.”

Her call to action for industry professionals was: “A good investment we can make is to open our doors, to engage with the new generation not as potential competitors but as emerging professionals, collaborators and innovators for our shared future”.

Executive Director for the Institute of ICT Professionals Ghana (IIPGH), David Gowu said the fair seeks to provide the avenue to understand the needs and expectations of all stakeholders and development partners of Ghana concerned in creating opportunities related to jobs and the future of work.

“Debates have always been rife as to whether the graduate unemployment situation in

He added that the fair is part of a broader agenda to “ensure that an enabling environment is created for young people to access decent jobs, so they bene t from the digital transformation agenda of Ghana.” Other partners that spoke in support of the event while extending invitation to all and sundry included the National Service Scheme (NSS), Jobberman Ghana, L’aine Services, and the Chamber of Telecommunications Ghana, Leti Arts, Netherlands Trust Fund, International Trade Centre, GIBT, and Admintelecom.

Participation

The job fair is FREE and open to all jobseekers and companies with ICT-related jobs. Exhibitions at the fair however will be restricted to partners and companies with track record in the tech industry. These companies will have access to a large pool of fresh talent seeking their very rst job breakthrough as well as experienced professionals seeking to switch jobs or careers. What is signi cant is that job seekers will be asked to complete an online survey to help match their skills with to be exhibited at the fair.

Beyond on-site participation at AICC, provisions will be made for virtual participation to ensure that as many companies and individuals that are interested would have the opportunity to participate if there be a hindrance to attend in person.

Partners

The lead organizer for the Tech job Fair, the Institute of ICT Pro-

fessionals Ghana (IIPGH) is a professional association of experts and businesses in the ICT industry in Ghana and beyond. The Institute is a connect of ICT professionals from corporate organizations, educational institutions, startups, government institutions, development partners, and civil society organizations to create a vibrant ICT ecosystem.

The Tech Job Fair is part of the DigiCAP.gh initiative, a project funded by German Federal Ministry for Economic Cooperation and Development (BMZ) via Sequa as part of the Special Initiative Partner Africa with AFOS Foundation, a business-oriented and value-based foundation for international development cooperation, as the implementing partner.

Other collaborating partners for the fair include, Netherlands Trust Fund, International Trade Centre, the Ghana Chamber of Telecommunications, DgiCAP.gh, Jobberman Ghana, L’AINE Services, GIBT, Admintelecom, MTN Ghana, Leti Arts, Google Developer Group, University of Cape Coast (UCC), Accra Technical University (ATU), National Service Scheme (NSS), Delegation of German Industry & Commerce in Ghana (AHK), IoT Network Hub among others.

The Event

This year’s Tech Job Fair is anticipated to host over 2000 potential jobseekers with over 50 institutions representing industry. The event will be held in four sessions including an exhibition of booths, presentation sessions, breakout sessions, and plenary discussion sessions. The event will be streamed live on social media and on the institute’s online portals. Pre-event activities have been lined up to prepare jobseekers for opportunities before the fair, they include virtual sessions by tech experts, Industry-Academia Tech Dialogue, media interviews and engagements.

GSE grants extension to 5 entities

The Ghana Stock Exchange has extended the date for ve companies to submit their unaudited nancial statements for the

period ended December 31. The companies are Intravenous Infusions Plc who are scheduled to submit their on February 8,

Benso Oil Plantation Plc are obliged to submit theirs on February 15 while E.S.L.A Plc are mandated to bring their unaudited nancial statements

on February 17.

The rest are Daakye Trust Plc who have their submission date also on February 17 and

Clydestone Ghana Limited who has their submission date on February 28

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struck by the jubilant mood of the CEOs in attendance. It was hard to reconcile the optimism of these business leaders with the short-term and long-term economic uncertainty caused by the war in Ukraine.

To be sure, there are grounds for cautious optimism, like China’s 180-degree turn on its draconian zero-COVID strategy. Soon, the country could see a huge wave of “revenge spending,” driven by pent-up demand from consumers who have spent much of the past three years in lockdown and now have the equivalent of trillions of dollars in savings to spend. Many have pinned their hopes for a global recovery on this scenario, hoping that Chinese shoppers can boost growth and push oil prices back to $100 a barrel. But regardless of what happens in China, India continues to enjoy strong growth, aided by purchases of discounted Russian oil.

Europeans, for their part, seem thrilled by over-con dent forecasts that the continent’s economy will not fall into recession in 2023 – or at least not a bad one. Even Italy has revised

by 0.6% this year. Given that climate change is at the top of the European Union’s policy agenda, it is ironic that global warming seems to have saved Europe from the gas shortages and price spikes that many analysts had predicted.

Many Europeans might also argue that the United States is more at risk of a signi cant recession, given that the full e ect of the Federal Reserve’s aggressive interest-rate hikes will not be felt until later this year. They would be half right, as the US would need a healthy dose of luck to bring down ination to the Fed’s 2% target without a major downturn. At the same time, European policymakers seem scared that the clean-energy subsidies included in the US In ation Reduction Act will siphon o much-needed investment from the continent.

But whatever economic growth these countries experience is contingent on the war in Ukraine. With no endgame in sight, the war could severely destabilize the global economy, causing both short-term and long-term disruptions.

For example, suppose that

desperate enough to use battleeld nuclear weapons. In that case, all bets are o , and a global stock market crash would be all but certain. But China’s likely response remains far less clear. If Chinese President Xi Jinping denounced Putin for using nuclear weapons but at the same time continued to buy Russian oil and commodities, the West would be forced to impose secondary sanctions on the countries enabling the Russian war machine – namely, India and China. While it is di cult to quantify the long-term growth e ects of today’s heightened geopolitical tensions, the International Monetary Fund estimates that deglobalization could shrink global GDP by 7%, perhaps even more if combined with technological decoupling. The net-zero transition, already a herculean challenge, will be far more di cult to accomplish in a fragmented global economy. Meanwhile, defense spending, which many already expected to rise by at least 1% of global GDP over the next ten years, will probably increase further. While US President Joe Biden has repeatedly said that he will

which seems far more likely, would be awful as well, even if we discount the growing risk of regional nuclear wars and nuclear terrorism. Whatever one thinks of the bene ts of globalization, we will miss one of its primary bene ts: international stability.

The Ukrainian people understandably want to restore their pre-invasion borders and receive NATO guarantees of future security and hundreds of billions of dollars in reconstruction aid, as well as bring war-crime charges against Putin and his cronies. They are clearly not going to be cowed by Putin’s nuclear threats. But Germany’s reluctance to provide Ukraine with modern tanks suggests that Western leaders, in general, are uncomfortable with the prospect of NATO directly engaging in war with Russia.

The West’s plan, at least for now, seems to be to supply Ukraine with enough equipment to help it regain some of its territory (but not so much that Putin lashes out), or at least force a stalemate. While economic sanctions are a key part of the Western strategy, it

would be utterly naïve to think that sanctions alone could end the war. The only place where sanctions helped produce regime change in modern times is South Africa in the 1980s and early 1990s. Back then, the world was largely united against South African apartheid. But that is not the case with the war in Ukraine. Russia’s invasion caused an inationary spike that a ected the entire world. But at this point, an escalation will likely have a de ationary e ect in the short term, as consumers and markets will panic. Long-term growth prospects do not look promising either, as the balkanization of the global economy will likely exacerbate uncertainty.

It is certainly possible (albeit unlikely) that Putin’s regime will implode and that whoever succeeds him will seek peace. It is also possible that Russia will stick to its plan of re-colonizing Ukraine and that it will eventually become a de facto Chinese economic colony. There are many other possible outcomes, but an early return to peace in Europe is not yet one of them. The world’s business leaders may have forgotten about Ukraine, but they will not be able to ignore it.