Investment Times Newspaper 2023 Edition | Issue 8

mean for industries across the

3 Tech takeoff

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Tullow plans to invest $300m in Ghana’s operations

"We are thrilled to make it possible for Zambians to send money abroad via mobile money to over 150 countries in a real-time manner," said Andrew Takyi-Appiah, Co-Founder and Managing Director of Zeepay. "Our partnership with MoneyGram is helping to make Africa borderless day by day, and we are excited to be at the forefront of this revolutionary change."

About Zeepay Zeepay is the fastest growing mobile nancial services company across Africa with operations in Ghana and the United Kingdom and terminating to 20 countries across Africa with termination agreements in over 90 jurisdictions globally. We specialize in remittance termination into mobile wallets and are completely network and partner agnostic.

Ghana's balance of payments deficit worsens to US$3.64 bn

Ghana's balance of payments further deteriorated to a decit of $3.64 billion in December from a $3.4 billion de cit the previous quarter, central bank data showed on Saturday.

The West African nation is

facing an economic crisis that saw consumer in ation rise to 54.1% last month. The cedi currency has depreciated around 50% annually, and interest payments on government debt have swelled to between 70% and 100% of GDP.

Recent balance of payments woes have been largely driven

Helping middle-income energy exporters kick the fossil-fuel habit reduce inequalities and vulnerabilities

By Carlos Lopes

The ongoing volatility in oil and gas markets has come as a shock to many people across the developed world. But its impact on developing countries that rely on pro-

ducing fossil fuels has been far worse.

Over time, as the world increasingly shifts to cheaper and cleaner energy sources,

Integrated effort key to unleashing prospects in maritime sector -Transport Minister

By Eugene Davies

collaborate e ectively in the development of relevant strategies for the operations, extraction and utilization of

by a sharp reversal in capital ows, with Ghana's capital account de cit having worsened to $2.18 billion in December from $1.64 billion in September. At the same time last year, Ghana had a capital account surplus of more than $3.3 billion.

Ghana secured a $3 billion sta level bailout from the International Monetary Fund late last year, but must restructure its debts in order to obtain executive board approval.

The country has requested to restructure its bilateral debt under the Common Frame-

work platform supported by the Group of 20 major economies, and is currently negotiating terms for a domestic debt exchange programme with local bond holders. (Reporting by Cooper Inveen Editing by Robert Birsel and Frances Kerry)

Reuters

Panelists at the Africa Prosperity Summit in the Eastern Region, Ghana, have pushed for the rati cation of the African Union (AU) protocol on free movement of persons.

The rati cation of the protocol, together with the implementation of the policy on trade in goods and services, investment, intellectual property rights and competition,

under the African Continental Free Trade Area (AfCFTA), they said would accelerate intra-trade and ensure the prosperity of the continent and its

Tullow plans to invest $300m in Ghana’s

An amount of $40 million will be spent in Gabon; $20 million in Côte d’Ivoire; $10 million in Kenya and $30 million on exploration and appraisal activities.

The company’s annual expenditure is an increase of $50 million compared to 2022 as a consequence of deferrals from that year, increased equity in Ghana for the full year, and ongoing infrastructure investment in Jubilee South East, which will account for 40 per cent of Ghana capital spend in 2023.

paid annually into escrow for future decommissioning of currently producing assets in Ghana and parts of the non-operated portfolio,” it said.

It said, cash taxes are expected to be in excess of $300 million in in the year under review (at $80/bbl) as historical capital allowances in Ghana will have been fully utilised in the rst quarter of 2023.

Independent oil and gas, exploration and production group, Tullow, has projected to invest $300 million in its operations in Ghana. The money will be spent mainly on its Jubilee operations and will include over

$100 million in infrastructure.

The company’s planned investment in Ghana is part of a $400 million amount the company intends to spend this year on its operations in Africa.

The company said its decommissioning expenditure is expected to be $90 million in the United Kingdom (UK) and Mauritania, including deferrals from 2022, with less than $30 million of decommissioning liabilities in the UK and Mauritania remaining at the end of 2023.

“Additionally, starting in 2023, $30 million is expected to be

currency has depreciated around 50% annually, and interest payments on government debt have swelled to between 70% and 100% of GDP.

Recent balance of payments woes have been largely driven by a sharp reversal in capital ows, with Ghana's capital account de cit having worsened to $2.18 billion in December from $1.64 billion in September.

At the same time last year, Ghana had a capital account surplus of more than $3.3 billion.

Ghana secured a $3 billion sta level bailout from the International Monetary Fund late last year, but must restructure its debts in order to obtain executive board approval.

“Tullow said free cash ow for the full year 2023, post hedging, is expected to be $200 million at an average oil price of $100/bbl ($100 million at $80/bbl); this assumes revenue receipts for 15 cargos lifted from the Jubilee eld and four cargos lifted from the TEN elds in Ghana during the year.

Capital investment in 2023, par ticularly in Ghana, is expected to support production growth through to 2025 and free cash ow generation of $700-800 mil-

lion at 80/bbl for the two years 2024 and 2025 based on 2P reserves only, which will further reduce net debt and strengthen Tullow’s balance sheet,” it said.

It said Tullow’s commodity hedge portfolio provides oil price downside protection at $55/bbl for 64 per cent of forecast sales volumes to May 2023 and 40 per cent of forecast sales volumes from June 2023 through to May 2024.

The company added that with the majority of hedges executed as part of the 2021 debt re nancing rolling o , Tullow will have increased exposure to higher oil prices from May 2023 onwards.

“Tullow plans to build out its commodity hedge portfolio for the second half of 2023 and into 2024, looking to maintain material upside exposure whilst securing protection against a severe oil

Ghana's balance of payments further deteriorated to a decit of $3.64 billion in December from a $3.4 billion de cit the previous quarter, central bank

data showed on Saturday.

The West African nation is facing an economic crisis that saw consumer in ation rise to 54.1% last month. The cedi

The country has requested to restructure its bilateral debt under the Common Framework platform supported by the Group of 20 major economies, and is currently negotiating terms for a domestic debt exchange programme with local bond holders. (Reporting by Cooper Inveen Editing by Robert Birsel and Frances Kerry) Reuters

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

By Carlos Lopes

fossil fuels will likely become less pro table, forcing energy-exporting countries to nd other sources of income. What would that mean for “middle-income” developing countries which together account for 48% and 52% of global oil and gas output, respectively?

While oil and gas have propped up the economies of countries like Nigeria, Mexico, Ghana, and Argentina over the years, dependence on them has led to a host of problems, from environmental pollution that harms public health to overreliance on fossil-fuel exports at the expense of the development of other sectors. But breaking free from the addiction to fossil fuels will not

be easy. Middle-income energy exporters are poorer than their developed-country counterparts and therefore have fewer resources with which to support workers and communities through the clean-energy transition.

Nearly half the world’s fossil-fuel workers live in Africa, Asia, or South America, and they would need to nd new jobs – and the training to ll them. In addition, these countries’ oil and gas industries employ many more people indirectly, including contract workers who do not have the same protections as permanent and unionized workers.

But worker displacement is only one of the risks for which middle-income countries must

plan if they are to kick their fossil-fuel habit. Given that the oil and gas industries are a major primary source of their tax revenue, many cash-strapped governments would be unable to fund essential services, such as health care and education, if those proceeds suddenly disappeared. Price volatility has already devastated economies that grew too dependent on fossil fuels. Following the 2020 crash in oil prices, for example, Nigeria proposed cutting education spending by up to 55%. And in response to the 2014 oil-price crash, Mexico pared public spending by close to 0.7% of GDP. Although high prices may lead to economic

We are a wholly owned Ghanaian company and regulated in the UK by Financial Conduct Authori ty-FCA # 592538 and in Ghana by Bank of Ghana- #00001. Zeepay supports Sustainable Develop-

booms, they inevitably fall – and often drag down the economy with them. Ultimately, relying on nite resources is no way to fund a twenty- rst-century economy. Developing and implementing the right strategies to shift away from fossil fuels will not happen overnight. But policymakers in middle-income energy-exporting countries can already take three immediate steps to ensure that the clean-energy transition does not harm their workers, communities, and economies – and that it lays the groundwork for a more prosperous future.

First, governments must engage in long-term planning, particularly when it comes to the economies of regions that would most likely be a ected by the green transition. To that end, policymakers should consult various stakeholders, develop inclusive plans to help displaced workers and a ected communities, and strengthen social safety nets. Closing data gaps regarding demographics, wages, and skills will be essential to assisting oil and gas workers, especially female workers.

Second, given that oil and gas revenues will most likely decline over the long term, middle-income exporters must double down on economic diversi cation. This would involve studying and developing other promising sectors, such as agricultural processing, manufactured goods, and business services.

By developing domestic clean-energy sectors, policymakers could complement their diversi cation strategies. Given the changing

ment Goals (SDG) 3 and is considered a Financial Inclusion Company positioned to improve last mile access. Visit myzeepay.com

geopolitical landscape and growing demand for energy, renewables could stabilize prices, revenues, and employment. To support these e orts, governments should harness the power of civil society and the private sector, including oil companies. Lastly, governments must provide the funding necessary to complete the clean-energy transition. In the near term, they could use income from fossil-fuel production to diversify their economies and invest in green projects. They could also reallocate funds currently used for subsidy programs and require the oil and gas industries, especially multinationals, to help cover the costs of environmental remediation and support programs for a ected workers and communities.

But while middle-income countries could fund some of these measures by mobilizing internal resources, developed countries and international nancial institutions must also o er the nancing and technical assistance that these countries need to pursue their diversi cation strategies.

Shifting away from fossil fuels is not only necessary to avert a climate catastrophe, but also represents an opportunity to build a healthier and more equitable future for all. But developed countries must not expect middle-income fossil-fuel exporters to give up their main revenue source without international assistance. Ensuring that the net-zero transition does not leave anyone behind is a moral imperative. It is also smart climate policy.

Ghana's balance of payments deficit worsens to US$3.64bn

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

citizens.

Since the adoption of the protocol by 33 African countries in 2018, only four [Rwanda, Niger, Mali and Sao Tome and Principe] out of the 15 required to make the protocol come into force, have rati ed. Signatories to the protocol include Ghana, Angola, Bukina Faso, Central African Republic, Chad, Cote d’Ivoire, Comoros, Congo, Djibouti, Democratic Republic of Congo and Equatorial Guinea. The rest are Gabon, and Gambia, Guinea, Kenya, Lesotho, Liberia, Malawi, Mozambique, Senegal, Sierra Leone, Somalia, South Sudan, Sudan, Tanzania, Togo, Uganda and Zimbabwe.

The panelists said this ought to change to enable not only goods, but people move across borders to facilitate trade and the implementation of AfCFTA – the largest free-trade area by number of member states, after the World Trade Organisation.

Madam Joy Kategekwa, Senior

Strategy Advisor, United Nations Development Programme (UNDP), said the movement of people across borders “is what would ultimately put money in the pocket of most Africans.”

She made a case for the acceleration of the rati cation of the AU protocol on free movement of persons, noting that in 2017, about 19 million Africans left their respective countries to other African countries, but received about ve million within the same period.

Mad Kategekwa said: “We’re talking about accelerating the implementation of AfCFTA and we can’t do that when people are not moving. So, free movement is de nitely part of the architect of AfCFTA especially for those engaged in trade-in-services.

“So far, we have four rati cations and it has become important to increase the scale of rati cations, so, can we widen it to investors, traders and business persons in general,”

The UNDP Senior Strategy Advisor said.

A Deputy Minister of Trade and Industry, Herbert Krapa, also underscored the essence of accelerating the rati cation of the AU protocol on the free movement of persons for the success of AfCFTA and Africa’s prosperity.

He, therefore, urged the AfCFTA Secretariat to have an intentional agenda that allowed ministries of National Security and Ministries of Foreign A airs, work together with various regional bodies to ramp up e orts to ratify the protocol.

Mr Krapa said: “Paying political attention to the rati cation of the protocol is very important… and we need a leader who will champion the facilitation of this protocol,” to unleash the potential of the free trade agreement.

The President of the Ghana Union of Traders (GUTA), Dr Joseph Obeng, in an interview with the Ghana News Agency, called for the removal of all

barriers to enable people to trade freely and easily across the conti nent.

Dr Obeng, however, urged that the removal of the barriers to trade under AfCFTA including the free movement of persons was done in accordance with the Rules of Origin – the criteria needed to determine the nationality of a product.

He said: “Free movement of persons is important, but let’s ensure that we don’t just open the borders for people to even trade in goods that are imported from elsewhere. It should be closely monitored and put under the context of AfCFTA.”

Mad Emily Mburu-Ndaria, the Director of Trade in Services, Investment, Intellectual Property, Rights and Digital Trade, AfCFTA Secretariat, said they were doing

the necessary trade facilitation to the trade pact successful.

“To implement AfCFTA we’re looking at how to enhance even elite passport but our focus business people to be able to train and assist them move across the borders easily and without delays,” Madam Mburu-Ndaria.

The Comptroller General of the Ghana Immigration Service, Mr Kwame Asuah Takyi, noted that migration policies including the free movement of persons were to ensure development and the alleviation of poverty. Nonetheless, he asked that while e orts were being made to ensure free movement of persons across the continent, security implications were made paramount due to some unrest in some countries.

Source: GNA

2023 Responsible Business and Leadership Excellence Summit and Awards launched

9am to 4pm each day at Alisa Hotel, Ridge-Accra.

The awards ceremony is scheduled for Friday, April 27, 2023, from 6pm to 10pm at Movenpick Ambassador Hote, Accra.

The summit

Business to Consumer (B2C) companies and individuals, along with civil society and regulators together to understand and address the tough challenges and map a sustainable future of the industry in a responsible manner.

The awards have been divided into three main categories, including the Initiative Awards, the Industry Awards and the Individual Awards.

The second edition of Responsible Business and Leadership Awards (RBLEA) has been launched with nominations open to businesses and individuals across di erent sectors from nance, technology, healthcare, manufacturing, retail, civil society, among others.

The awards ceremony aims to encourage responsible business leadership and honor individuals and institutions for their dedication and accomplishments in support responsibility and sustainability. Submission of entries starts on Friday, 27 January 27, 2023, and ends on Tuesday, March 28, 2023.

To facilitate ongoing capacity development, a two-day summit on responsible business practices and leadership has been integrated into this

year’s event. The event will feature a blend of panel discussions, presentations by key leaders, hands-on, interactive lectures and will cover key sectors including telecom, banking, nance, extractive, regulatory etc.

Speakers from some of the biggest businesses and small and medium enterprises (SMEs) are being lined up to discuss pertinent issues that can help businesses become more responsible and sustainable.

The summit and awards ceremony are organized by Ion Africa Business, Ianmatsun Global Services and CSR Training Institute. The events are under the theme ‘Responsible Business: The Sustainable Path to pro tability’.

The two-day summit is scheduled for Wednesday to Thursday, April 26-27, 2023 from

Professor Wayne Dunn, President of the CSR Training Institute and former Professor of Sustainability at McGill, stated that responsible business is the only smart way to do business today, emphasizing that businesses who do not practice socially and environmentally responsible business would face rising challenges and increasing risks. “The businesses participating in the Responsible Business Awards and Summit are leaders, positioning themselves and their employees for long-term sustainable success.

The path to pro tability passes directly through responsible business practices, SDG impact and, sustainability,” he said.

He reiterated that “There are no shortcuts, and forward-thinking leaders are constantly equipping their team and business to navigate this new path, driving business returns, social impact and environmental stewardship.”

Those that don’t face increasing risks and challenges.

Managing Director of Ianmatsun Global Services, Isaac Adu-Gyam , indicated that the purpose of the summit is to bring together a mix of Business to Business (B2B) and

“Companies must juggle the realities of driving short-term successes and pro ts whilst delivering strategies and investments that will ensure action on sustainability accelerates, securing the long-term survival of the business.

Sustainability and pro tability may seem challenging to balance in business, but ESG e orts often translate into improved employee morale and healthier bottom lines. But successfully doing well by doing good means sharing a well-communicated plan with the entire company. If you need to start incorporating sustainable and responsible business practices; Responsible Business and Leadership Excellence Summit is the place to be,” he said.

Criteria for the awards

Mr. Adu-Gyam said the criteria for shortlisting nominees would be based on some key performance indicators (KPIs) and a survey by the Market and Consumer Insight, a research company that would handle the technical aspects of the awards. He further disclosed that an awarding board made up of professionals with the necessary training and expertise will verify and approve these selected applicants.

Award categories

Awards from these three categories include the Responsible Mining & Exploration Company of the Year, Road Safety Project of the Year, Responsible Healthcare Initiative of the Year, Women Empowerment Initiative of the Year, Environmental Responsibility Initiatives of the Year, Responsible and Purpose Driven Communication Award, Responsible Digital Innovation Award, Responsible Think Tank of the Year, Responsible Social Enterprise of the Year, Promising Responsible Business of the Year, Responsible Social leader of the Year, Responsibility & Positive Attitude(Reserved for Students), and Lifetime Achievement Award for Ethical Leadership & Corporate Governance.

Others are the Responsible Business with best CSR & Sustainability Practices Award, Company with Best Integrated Report, Responsible Business Leadership Award, Circular Economy Leadership Award, Social Impact Champion, SDG Pioneer of the Year, Responsible Employer of the Year, Diversity Champion of the Year, ESG Champion of the Year, Purpose Before Pro t Award, Responsible Product & Service innovation Award, Responsible SME of the Year and Circular Economy & Waste to Fuel Award.

Tech takeoff: With Africa set to be the next global tech hub, here’s what it could mean for industries across the board

It’s no secret that technology across the continent is burgeoning at unprecedented rates. Homegrown innovations that speak to socio-economic bottlenecks are plenty, due to increased access to resources, training and development, and investment. This can largely be attributed in part to the growing number of ‘technology hubs’ being established on the continent that are fostering innovation for startups and helping to bridge the gap to a more developed and economically sustainable continent.

According to the World Eco-

nomic Forum (WEF) , 92% of Africa’s investment in technology is won by Nigeria, Egypt, Kenya, and South Africa, which account for a third of the continent’s start-up incubators and accelerators. While these four regions lead the way in terms of technology hubs, regions such as Zanzibar, Tanzania, through its new initiative ‘Silicon Zanzibar’ are joining the race to attract and relocate technology companies and workers from across Africa and beyond to the island.

The continent has a long way

to go if it is to reach the record gures raised by US startups. As we continue to bear witness to the continued rise of innovative solutions from the continent, here’s what an increase in local tech hubs could mean for industries and what to take into consideration:

Increased partnerships and collaboration

Africa has been at the forefront of world-class innovation for a long time, especially when it comes to homegrown technology solutions that speak to and

solve socio economic problems in communities across the continent. Countries such as Kenya and Nigeria have been at the forefront, but the likes of Tanzania, Uganda and Ghana are establishing intentional tech ecosystems that foster entrepreneurship and skills development, which will open up endless possibilities, particularly for ntech, an industry that is rapidly growing, evolving and one that has often relied on foreign investment.

"At MFS Africa, we have always believed that the only currency is access, and while we continue to, through our own e orts, create, advocate for, and partner to

enable borderless transactions across the continent, the growing 'tech hub' culture in Africa will in the long run allow us to identify talent and collaborate with and partner with more start-ups. It also has the potential to increase dialogue with governments in regions like Tanzania, where we have partners, as we continue to transform the lives and realities of Africa and the diaspora," says Cynthia Ponera, Regional Sales Director for East Africa at MFS Africa, a leading digital payments hub in Africa that works continuously with trusted global partners across Africa to connect African consumers to each other and to

Services

the global digital economy.

Su cient power for the necessary infrastructure

“When we talk about Africa’s quest to be a global tech hub we need to ensure that we’re also considering the tech needed to power the foundational infrastructure that supports this ambition,” says Matthew Cruise, Head of Business Intelligence at Hohm Energy.

According to the United Nations, some 570 million people in Africa have no access to electricity, which drastically hampers socio-economic development or poverty alleviation for those without this basic human right. Renewable energy in the form of solar energy is the most viable option for addressing this challenge, as the continent holds some of the highest solar radiation numbers in the world.

The inability of Eskom to meet the energy needs of Africa’s most industrialised country is widely known. But surprisingly, South Africa’s energy crisis has created opportunities for companies and investors to meet the demand for renewable energy alternatives. We are seeing considerable innovation in solar solutions locally and throughout Africa for addressing power outages, and many of these will be replicated in Europe and other rst-world countries as they too start to grapple with rising fuel costs and power outages.

As the technology to harness this renewable resource becomes both more sophisticated and more cost e ective, government and business alike need to embrace this as the solution to one of the continent’s most fundamental infrastructure challenges.

Attracting more investment through unique solutions

Tony Mallam, Managing Director of bitcoin micro-saving and investing ntech platform, upnup advises that “entrepreneurs wanting to leverage the potential opportunities of a global Africa tech hub wave should think about building solutions that are unique to Africa, such as the huge unbanked and the ‘Know Your Customer’ KYC’ed population, estimated to be at least 57% of the continent's population.

“”The Opportunity provided by Africa's high mobile internet penetration will allow investors to leapfrog last generation infrastructure into cutting-edge solutions. Governments would need to support this opportunity by providing the right infrastructure, a safe regulatory environment, minimal red tape and tax incentives,”explains Mallam.

Training, developing and upskilling will be crucial

Building the continent’s tech and digital capability needs to run parallel with skill development. The World Bank estimates that by 2050, half of Africa’s population of 1 billion people will be under the age of 25, suggesting that the workforce of the future is based here. But in order to e ectively harness the potential of this workforce, we need to ensure we’re training, developing, and upskilling people in a relevant and sustainable way.

Salesforce’s Authorised Training Partner and Workforce Development Partners in South Africa are committed to bringing t-for-purpose skills into the ecosystem to meet the demands of the future workplace and to also ensure we’re leveraging technology for the greater good. And partnerships are central to reaching these objectives.

"Indeed, if Africa is to realise

its ambitions of being a global tech hub, it is imperative that all the various stakehold ers—government, business, civic organisations and educa tional institutions - work col laboratively. At Salesforce, we believe business is a platform for change and thus has a cen tral role to play in Africa’s tech future’" says Zuko Mdwaba, Country Leader and Area Vice President, Salesforce South Africa.

Access is key and healthtech is central to that

It is imperative that any refer ence to tech on the continent makes special mention of health tech, where the room for growth is exponential. In fact, the African healthcare market is expected to be worth US$259 billion by 2030, pointing to an opportunity that cannot be ignored.

“Three thoughts come to mind of how healthtech can signi cantly impact the continent’s di erent markets for the better: It can provide access to cheaper healthcare, provide access to healthcare in your pocket (such as telehealth), and technology can play a role in bridging the skills gap and helping medical practitioners do more with less resources,” says Bongani Sithole, CEO of Founders Factory Africa.

He adds that based on their own experience at Founders Factory Africa, these are problems healthtech can solve, with its ability to improve the lives of users. “In our portfolio alone, Viebeg is enabling hospitals to order medical equipment without paying for it upfront. Neopenda has developed a product - the neoGuard - that is a clinical vital signs monitor for infants and other patients in resource-constrained areas. Healthtech can be successful, especially when innovation is applied in ways that solve pain points of health users on a daily basis.”

Improved connectivity will improve competition in business

Africa’s internet penetration is currently half the global average of 62.5 percent.This a ects not only consumers but also small businesses across the continent.

This, along with ndings that revealed that South Africa saw a 66% growth in e-commerce in 2020 indicates that in order to compete and even scale, SMEs need a ordable access to the internet. Currently, SMEs that have

By Eugene Davis

effortIntegrated key to unleashing prospects in maritime sector -Transport

maritime resources.

According to him, the mandate of the Maritime Organisation of West and Central Africa (MOWCA) is essential and efforts should be championed for its e ective and e cient operation.

“I must reiterate that; no single Member State can make signicant strides on their own.

Areas such as maritime security, maritime safety and navigation, port and infrastructure development, environmental protection, sheries amongst others can only become e ective when approached with a coordinated and integrated e ort,” the Minister said this at the 17 Extraordinary Session

of the General Assembly of MOWCA in Accra.

Mr. Asiamah who is also the chairman of MOWCA also encouraged members to focus on actions that will ensure its people bene t while tackling some deep-seated issues, including rules of procedure, nancial regulations and conditions of sta . Further, Mr. Asiamah stated that member states dependence on imports of nished goods and exports of raw materials can only be facilitated by shipping which is a major activity in maritime industry.

It is estimated that about

80percent of international trade is done via maritime space, with the minister adding that shipping remains the most-e ective way of transporting any large/bulk amount of goods over a great distance.

The Minister of Foreign A airs, Shirley Ayorkor Botchwey, who was the guest of honour indicated that the organization must begin frank discussions on current developments in Green Shipping initiatives which involve the use of alternative fuels with low or zero carbon, in place of fossil fuels -that is fast becoming the new way of shipping.

To this end, she urged Africa’s

Maritime Industry to be prepared for the cost rami cations of the impending transition to cleaner fuels to Ship-owners translating to increased freight rates.

“I will urge MOWCA to consider the e ects of the market-based measures under discussion within the International Maritime Organisation on our economies. It would also be pertinent to identify possible ways to benet from any fund arising thereof, in order to minimize the e ects of the transition on all players, particularly Least Developed Countries LDCs) and Small Island Developing States (SIDS).

Dr. Paul Adalikwu, the Secretary-General of MOWCA disclosed

limited or no access to the internet are stunted in their ability to increase market share and reach new audiences. Head of Marketing and Communication at online booking platform Jurni, Tshepo Matlou says, “With more tech hubs in Africa, will automatically come increased connectivity. This will in turn lead to more SMEs being able to embrace and leverage online opportunities ultimately allowing them to hold their own in a competitive market.”.

that the organization has rmed up plans to set up the Maritime Development Bank to be located in Nigeria, of which MOWCA’s global pro le is being ramped up through her rm and active mutually rewarding links to the global International Maritime Organisation and the emergence of a pan-African Maritime organization. MOWCA’s objective is to serve the regional and international community for handling all maritime matters that are regional in character. MOWCA uni es 25 countries on the West and Central African shipping range.

A Report by the Joint Technical Committee set up by the Finance Ministry on the exclusion of individual bondholders under Domestic Debt Exchange Programme (DDEP), says Ghana can save about GH¢83 billion in scal re-adjustments.

The Forum in the Report recommended that the Government reviewed and made some speci c adjustments to its revenue and expenditure to contain the current economic crises.

This came up during a Public Forum on Ghana’s Domestic Debt Exchange Programme dubbed: ” Ghana’s Debt Exchange Programme in context: A make or break for an IMF bailout or there are viable alternatives?”

It said oil production had dropped from over 200kbpd to below 160kbpd yielding revenue loss more than $300 million (GH¢3.6 billion).

It, therefore, called on the government to review the regulatory and scal environment.

The Forum said an estimated GH¢13.9 billion revenue was lost through nancial irregularities of Metropolitan, Districts Assemblies per the Auditor-General’s report and the government must pursue these funds.

Again, it said GH¢20 billion could be saved by privatising selected State-Owned Enterprises (SOEs) Tier-2 pension

Ghana can save GH¢83b in fiscal readjustments

fund to drive e ciency and productivity. Another recommendation was maintaining the 2022 capital expenditure level by reducing the Annual Budget Funding Amount of Ministries Departments and Agencies and foreign nance Capex provisions by 50 per cent, which will save Ghana about GH¢10.7 billion. Professor Godfred A. Bokpin, an Economist at the University of Ghana Business School (UGBS), said the overemphasis on debt restructuring to the detriment of creditors was not the way out. He said the road to debt sustainability involved scal and structural adjustments and not solely dependent on debt restructuring.

“We agree that a certain level of debt restructuring is unavoidable but Ghana’s problem is largely governance. The governance problems manifest explicitly in economic mismanagement.” Prof. Bokpin said. He said the country needed governance reforms in terms of product, market and broad structural reforms, which should be placed higher above scal adjustment and debt restructuring. With scal adjustment, Prof Bokpin said there was signicant room for expenditure-based scal consolidation that would not hurt growth. Dr Patrick Asuming, an Econ-

omist and Senior Lecture, UGBS, said, it was imperative that the government did the scal adjustment, otherwise “we will revisit debt restructuring some time to come.”

“The scal is what generates the de cit and accumulates to the debt. If we do the debt operation and the scal side is not solved, we would virtually go back for another debt operation,” he added.

Dr Asuming said the debt restructuring was about lives that would be a ected permanently; therefore, it was important that the citizenry came together and ensured that the right things were done for posterity’s sake.

Source: GNA

Development partners to commit US$30bn to boost food production in Africa

partners agreeing to commit $30 billion to back the continent’s resolve to boost agricultural productivity and become a breadbasket for the world.

Among the development partners are the African Development Bank which plans to contribute $10 billion over ve years, and the Islamic Development Bank, which intends to provide $5 billion.

The Dakar 2 Summit—under the theme ‘Feed Africa: food sovereignty and resilience’—adopted a Declaration on the implementation of the Summit’s resolution, to be submitted to the African Union.

Organized by the Senegalese government and the African Development Bank, the Summit rallied dozens of dignitaries, including 34 heads of state and government, 70 government ministers, and development partners, to work tirelessly on compacts that would transform agriculture across

summit.

Addressing the closing plenary, African Development Bank Group President Dr Akinwumi Adesina said the continent and its partners are determined to see results and that implementation is critical to boosting food production and feeding Africa.

“The message was clear: we will work together to strongly support the implementation of the Food and Agriculture Delivery Compacts at country levels,” Adesina said.

He said the heads of state and government committed to setting up presidential high level advisory councils to oversee the implementation of the Compacts, to be chaired by the presidents themselves in their respective countries.

Strong commitment to deliver

“With strong collective determination and resolve, we will work in coordination and partnerships to help countries to

response to a clarion call out of Africa that it is time for Africa to feed Africa. The clarion call was that the time is right, and the time is now for Africa to feed itself. We came from Africa. We came from around the world.”

He said that Dakar 2 Summit would be remembered as a key moment in Africa’s ability to feed itself and achieve food self-suciency and food sovereignty: “We leave with a determination and resolve to feed Africa. With hands together and in locked steps, we will reach our destination: An Africa that nally feeds itself. An Africa that develops with pride.”

In the Dakar Declaration, the leaders agreed to allocate at least 10% of public expenditure to increase funding for agriculture. They also resolved to deploy robust production packages to boost productivity and increase resilience to achieve food security and self-su ciency.

In his closing remarks, Senegalese Prime Minister Amadou Ba

promotes wealth and health,” he said and called on all citizens of Africa to come together and agree on a joint agenda steered by Africans for Africans. Prime Minister Ba added: “It’s a paradox that Africa is the largest continent but also the most dependent. Starting now, we must do away with dependency. Africa should consume what it produces and produce what it consumes.”

Global support

Irish President Michael Higgins, who attended all three days of the summit, called for global support for the ‘Feed Africa’ agenda.

“Let us make this century Africa’s Century, one which will see the continent become free from hunger, a shared continent in a global family, one based on the rm foundations of respect for each nation’s in-

dent Higgins said.

In a video message, Netherlands Director-General for International Cooperation Kitty Van Den Heijden announced that her country would commit an additional €450 million over the next ve years to food security programs with a focus on Sub-Saharan Africa. She said the country would also support the African Emergency Food Production Facility of the African Development Bank with $30 million. “We don’t have time to waste; we need to take action and build more resilient food systems,” she added.

The president of the Islamic Development Bank, Dr. Muhammad Al Jasser, delivered a statement pledging continued support to boost food production in Africa. Canada and Germany also made commitments to support the Feed Africa agenda.

Domestic Debt Excahange: Govt reaches agreement with Securities Industry Association

Government has reached an understanding with the Ghana Securities Industry Association (GSIA) on the terms for participation by capital market operators in the Domestic Debt Exchange Programme (DDEP).

The agreement entails extending the improved terms of DDEP agreed with the banks to all GSIA members.

Collective Investment Schemes (CIS) and individuals who hold bonds in Trust accounts with Securities and Exchange Commission (SEC) approved rms, would be offered an enhanced commercial term agreed with, or exemptions granted to, Individual Bondholders.

Government commits to providing support to GSIA members impacted by the DDEP via both the liquidity and solvency window of the Ghana Financial Stability Fund (GFSF).

The removal of all clauses in the Exchange Memorandum that empowers the Republic to, at its sole discretion, vary the terms of the exchange.

In a joint statement issued by the Ministry of Finance with GSIA in Accra today (January 27), it said “GSIA believes this agreement is necessary to restore market normalcy and con dence in the economy.

GSIA urges its members to seek all required internal approvals and clients’ consent to participate in the DDEP per new terms in the updated Exchange Memorandum. It said with this agreement, the Government has conducted negotiations with a signi cant group of Bondholders. “Government views this program as very important towards restoring macroeconomic stability as we reset the economy on a path of strong growth and economic transformation,” it said.

Samsung Unpacked 2023: Get ready for the best of samsung galaxy, built for today and tomorrow

Every year, mobile technology increasingly becomes the very core of our daily lives and the epicenter of innovation. With these essential devices, we create and consume content that connects, inspires and entertains us. We stay immersed in the world of an epic game, even on the go. We keep up with colleagues and deadlines when we’re away from our desks. And we manage every part of our lives in one convenient place — from health and wellness habits to appointments, purchases, travel and more.

Our days revolve around these experiences, so people want devices they can depend on from brands they can trust. At the same time, global challenges like the climate crisis are making us rethink how we live. We have a responsibility to help create a better world now while working toward a more equitable and sustainable future. We believe mobile technology can be the catalyst to enrich people’s lives and help create that future we envision. And this is the reason why we do what we do in Samsung Electronics.

Setting New Performance

Standards

There’s no better example of Samsung delivering on this

vision than the Galaxy S series. This year, Galaxy S series has extended our innovation heritage by doubling down on our fundamentals.

That’s why our pro-grade camera system is getting smarter, o ering the best photos and videos in any light among our Galaxy smartphones. Along with the hardware and software optimization, our newest chipset, born out of Samsung’s open partnership philosophy, enables the fastest and most powerful Galaxy performance. Our ecosystem connectivity is also getting easier and more seamless than ever.

At the top of the Galaxy S series is our Galaxy S Ultra. It’s the product you can trust to give you the best of the best with rede ned performance and quality. We fully merged the most beloved Galaxy Note experiences into Ultra, pioneering a smartphone with the power, performance and creative capabilities of two leading Galaxy innovations in one.

The Galaxy S Ultra has truly become the pinnacle of Samsung Mobile’s innovation, a marque that stands out against everything else, and soon we’ll show you what Ultra can do in even more device categories.

Innovation That Lasts

are guided by our new environmental strategy that strives to make the technology we depend on more sustainable. That’s why we consider every phase of the product lifecycle with sustainability top of mind. This means building devices that last longer with enhanced

deliver positive change for people and the planet while setting new benchmarks for our industry.

Premium Experience Without Compromise

On February 1 at Unpacked, we’ll show how innovation and sustainability working together

livering our most powerful mobile experiences you’ll continue to love for years to come. Join us as one of the rst to see the new premium Galaxy innovations. The event will be streamed live on Samsung.com, Samsung Newsroom, and Samsung’s YouTube channel.

After the “currency wars” of the previous decade and the “trade wars” unleashed by former US President Donald Trump, a new kind of con ict is emerging between two of the world’s leading powers. Or at least that was the talk during the World Economic Forum in Davos, where pundits and policymakers fretted over so-called “subsidy wars.”

The rst shot was red with the United States’ passage of the In ation Reduction Act (IRA), which includes $369 billion in subsidies and tax benets for American companies using green technologies. In response, European Commission President Ursula von der Leyen promised to loosen the European Union’s rules on state aid, enabling member states to pump cash into green industries. “To keep European industry attractive, there is a need to be competitive with o ers and incentives that are currently available outside” the EU, she said, at pains to defend the bloc’s protectionist turn. To be fair, those concerned about the costs of a European-American subsidy war are mainly academics. Businesspeople dislike subsidies only when they are not receiving them. “It is a game-changer,” I heard a tycoon say about the

IRA. He added that his company recently decided to launch four mammoth green investments in the US and would consider doing the same across the Atlantic if the EU put enough money on the table.

With the recent US and European moves, the green subsidy debate is heating up. Proponents of these policies describe them as an indispensable response to the existential threat of climate change, while skeptics claim that the massive deployment of resources will inevitably lead to rent-seeking and ine ciency.

The issue is not whether governments should subsidize environmentally friendly industries. It is widely acknowledged that because the social returns on green investments exceed the returns that accrue to private rms, governments must provide nancial incentives to prevent under-investment. Instead, the issue is whether governments should o er those incentives only to domestic companies.

In Davos, von der Leyen called on President Joe Biden’s administration to grant European companies operating in the US access to the same subsidies as domestic rms. But in the unlikely event that Biden agreed, that would still put the

rest of the world at a disadvantage. If an electric car assembled in Michigan by an American company yields the same emission savings as a similar car assembled in Seoul by a South Korean company, why subsidize one and not the other?

There are at least three reasons why a subsidy war could be economically harmful. The rst is retaliation. While green subsidies could encourage more investment, they could also entrench ine cient incumbents. If the US and the EU cooperatively decided on the level of subsidies, they would choose what is “right” for both. But that is not the outcome in a subsidy war. One side’s attempt to attract green investment triggers a reaction by the other side. The subsequent escalation of subsidies and counter-subsidies can cause costs to outweigh benets.

The second problem is that what is good for Europe and the US is not necessarily good for the world. If the goal is to reduce global greenhouse-gas emissions, the planet might be better o if dollar and euro subsidies were used to buy cheaper Chinese solar panels. That way, the same expenditure would accomplish more emission reductions and lower

temperatures for all of humanity. The third risk is that a subsidy war might lead to a waste of scal resources. If long-term real interest rates in the US and the EU remain below their growth rates, as many eminent economists believe, then this is a non-issue, because governments can spend and borrow without having to raise taxes in the future. But if the era of low interest rates is over, then the huge scal cost of green subsidies should be a concern.

How big are these economic risks?

No one can be sure, but there are reasons to take dire warnings with a grain of salt. For example, recent estimates suggest that Trump’s trade war with China had a much smaller e ect on the US economy than many had predicted, resulting in welfare losses of roughly 0.1% of GDP. And that war was fought with tari s, which discourage trade, while subsidies encourage bene cial emissions reductions. In addition, eligibility for the subsidies depends on complex “domestic content” requirements that can be tweaked if they become too onerous.

Moreover, the economic impact of a US-EU subsidy war on the rest of the world will most likely be limited. Yes, rms outside the US and the EU might be harmed. But if green subsidies accelerate the clean-energy transition and help contain global warming, the whole world will reap the bene-

ts.

The same goes for scal risks. Yes, both the US and the EU could eventually encounter problems if real interest rates continue to rise and stay high. But if and when that day comes, there are many other wasteful expenditures that governments could and should reduce before cutting green subsidies.

The more immediate risk is political. The US subsidies violate the World Trade Organization’s rules prohibiting discrimination against products or rms based on their country of origin. The EU must not follow in Biden’s footsteps. At a time of heightened geopolitical tensions, the world’s leading democracies should aim to strengthen the global rules-based system, not undermine it.

Most importantly, a subsidy war would sour political and diplomatic relations between the US and Europe at the worst possible time, when liberal democracies face Russian aggression in Ukraine, Chinese expansionism, and illiberal regimes in Central and Eastern Europe, Asia, and Latin America. If we are to mitigate the worst e ects of climate change, American and European policymakers must work together, instead of being consumed by petty squabbles over green subsidies.

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January 20,2023

January 20,2023

January 20,2023

January 20,2023

“Mission 1 for 200” to double African farmers’ production

The African Development Bank Group and the International Fund for Agricultural Development (IFAD) are teaming up to help 40 million African farmers through a new initiative that will double productivity and produce 100 million metric tons of food for 200 million people.

Both organisations agreed to launch the initiative, named Mission 1 for 200, during the Africa Food Summit in Dakar, taking place this week. They aim to increase funding to the agriculture and food sectors.

Mission 1 for 200 will build resilience by helping food systems and farmers adapt to climate change and reducing agriculture’s environmental impact and emissions. It will double agricultural productivity through the use of state-of-the-art, cli-

mate-smart technology and advice. Additionally, the initiative will work to bring greater investment to fragile regions that are disproportionately impacted by climate change and often deemed "too risky".

To achieve these goals, Mission 1 for 200 will leverage the private sector, de-risk and unlock more private investment to promote enhanced and climate adapted production as well as value-addition. The initiative will also work to build the enabling and policy environment for food systems and provide delivery models that analyse supply chain structures for providing services that improve the productivity and pro tability of smallholder farmers.

African Development Bank Group president Dr Akinwumi Adesina and IFAD president Dr

Alvaro Lario signed a letter of intent cementing their partnership on the sidelines of Africa Food Summit on ‘Food Sovereignty and Resilience’. The summit, which started on Wednesday and concludes on Friday, is co-hosted by the Government of Senegal and the African Development Bank. Bringing together African heads of state, ministers of agriculture, ministers of nance, central bank governors, private sector operators, farmer organisations and development partners, the summit is mobilising high-level political will and nancial resources for food and agriculture delivery compacts. President Adesina said right from the start the summit had seen a strong commitment to addressing the need for additional funding in the agriculture

sector of African countries. Adesina said Mission 1 for 200 would provide a strong support and nancing mechanism for African governments. "This landmark initiative will foster innovative agricultural ventures to boost food production, enhance e ciency within a framework of enhanced market dynamics and sustainable food systems, spur policy changes, and tap into co- nancing opportunities through collaboration with other development partners, drawing on the expertise of both institutions,” Adesina said.

IFAD president Lario said only investments in agriculture that supported small-scale farmers would get Africa out of a “worrying downward spiral of crisis after crisis”. “Strategic investments will boost agricultural

productivity, they will build food sovereignty and they will pave the way for a more equitable distribution and access to food, bringing opportunities for all,” Lario said. By leveraging the investments by both IFAD and the African Development Bank Group, Mission 1 for 200 will mobilise additional nancing from innovative and non-traditional donor sources as well as private sector investors. The initiative will build on the momentum around climate adaptation and mitigation to approach green funds and climate funds as a long-term supportive solution.

Mission 1 for 200 welcomes the participation and contribution of other development partners.