Investment Times Newspaper 2023 Edition | Issue 33

FBNBank supports students’ career and financial empowerment

MTN moves to make Ghana ICT hub …announces construction of US$25m ICT project

By Eugene Davies

Policy framework to transform aluminium downstream in the works

The CEO of the Ghana Integrated Aluminium Development Corporation (GIADEC), Michael Ansah is betting on a draft policy framework which aims at developing the downstream aluminium industry, that is expected to attract companies to invest in the sector.

According to Mr.Ansah, GIADEC in partnership with stakeholders is seeking to prepare the policy environment, incentive framework that will support the downstream industry that will be set up.

Mr.Ansah disclosed that sometime this year the policy framework should be ready to become a legal document.

“so it’s a process, we have developed some initial studies which is what would be discussed, once we have formulated everything we will have a framework, we will work with Ministry of Trade,Finance, others to see when that can be turned into a legal document but that should be sooner, we looking this year to formulate that and drive that.”

Speaking to journalists at the opening of a two-day Downstream Aluminium Industry Workshop 2023 at Royal Senchi Hotel in Akosombo in

BoG must not worsen the plight of businesses — GNCCI reacts to policy rate hike

Asante Gold announces C$27 million financing

Asante Gold Corporation has entered into an agreement with a major institutional investor to sell 18,232,000 units of the company.

The deal which expected to be on a non-brokered private placement basis will go at a purchase price of C$1.50 per unit and expected to raise C$27.34 million.

Proceeds from the o ering is expected to be used for exploration and development of the its mineral properties and for general corporate working capital purposes.

Closing of the o ering is expected to occur on or about April 3, 2023, and is subject to a number of closing conditions including, but not limited to, the receipt of all necessary regulatory approvals, including the approval of the Canadian Securities Exchange.

The company also noted that the securities to be issued under the O ering would be subject to a four month plus one-day hold

Ghana’s integrated aluminium industry on course – Lands Minister

The Minister for Lands and Natural Resources, Samuel A. Jinapor, says government’s quest to build an integrated aluminium industry in the country is on course, and progressing steadily.

He said this is in line with the Ghana Integrated Aluminium Development Corporation Act, 2018 (Act 976), which establishes the Ghana Integrated Aluminium Development Corporation (GIADEC) to promote and develop an integrated aluminium industry in the country.

The Minister said this on Wednesday, when he opened a two-day Workshop on the downstream aluminium industry in Akosombo in the Eastern Region. The workshop, which was organised by GIADEC, in partnership with the Strategic Anchor Industries Unit of the Ministry of Trade and Industry and the Overseas Development Institute (ODI), brought together stakeholders in the aluminium industry to deliberate on policy options and implementation plan for the downstream aluminium industry.

This follows an extensive research,

data collection and technical analysis of best practices across the world carried out by GIADEC and ODI.

Delivering the keynote address at the workshop, Mr. Jinapor emphasised the need to add value to Ghana's mineral resources to ensure optimal bene t from these resources.

He said Government has since 2017 been pursuing this path for all our mineral resources including gold, baux-

By Kenneth Rogoff

Payday secures $3m seed round to power the future of work for Africa Tick TikTok goes globalization

MTN moves to make Ghana ICT hub …announces construction of US$25m ICT project

communications infrastructure development.

Speaking at the digital sod cutting ceremony, Board Chairman for MTN Ghana, Dr. Ishmael Yamson underscored the integral role digital innovation and telecommunications play in today’s world. He commended MTN for the critical role they have played in Ghana’s socio-economic development. He also called on other stakeholders to collectively help in building Ghana.

ICT hub in Ghana as part of its 25th anniversary to support Ghana in realizing its digital agenda is very commendable. MTN’s commitment to be at the frontier of championing digital innovation in Ghana is worthy of emulation. The establishment of the Ghana ICT Hub will facilitate the paradigm shift needed to accelerate Ghana’s progress with the 2030 Agenda and the Sustainable Development Goals.”

chine Learning, o Cloud Computing ,3D Printing.

oRobotics, Internet of things (IoT)

oAdvanced Manufacturing Techniques

oCyber security and Genetic Engineering

MTN Ghana has held a digital sod cutting event to commence the construction of the US$25million Ghana ICT Hub project.

The project, a Public-Private Partnership (PPP) between the Government of Ghana and telecommunications giant, Scancom PLC (MTN Ghana) is aimed at creating an enabling environment for ICT development, and providing a platform for innovation, educational training and technological opportunities in Ghana's digital landscape.

The initiative falls in line with MTN’s Ambition 2025 strategy which is focused on leading digital solutions for Africa’s progress and its commitment towards supporting the Digital Ghana Agenda. This is aimed at creating jobs for the youth.

The Ghana ICT Hub is a physical Infrastructure designed to provide 4,000 square meters of space with ancillary facilities and unique features. It will be the rst of its kind in the West Africa sub region with the aim of training over 200,000 people with ICT skills and generate

over 100,000 jobs during the rst three years post-completion.

Additionally, it will provide o ce spaces and meeting venues for over 100 tech start-ups and tech companies all in a bid to serve as a catalyst for Ghana’s digitalization agenda. The project is scheduled to be completed in approximately 18 months from when construction begins.

The Ghana ICT Hub is part of the broader Ghana Innovation Hub project which also includes the ‘Accra Innovation City’ Project and The Ghana Education Platform project. When completed, the Ghana ICT Hub will become the fulcrum of human capital and ICT skills development, accelerate Ghana’s ICT ecosystem, and facilitate job creation and continue to set the pace in ICT and tele-

On his part, Selorm Adadevoh, CEO of MTN Ghana said the establishment of the Ghana ICT Hub will power Ghana to be West Africa’s ICT leader through innovation and digital skills.

“Over the past 25 years, MTN has been at the forefront of accelerating socio-economic growth. Critical to us has been the promotion of ICT and digital skills training and development across the country.

“The Ghana ICT Hub aims to develop an ICT ecosystem in the areas of Health, Agriculture and Education through on-site and remote access delivery to facilitate skills development and job creation for the youth in Ghana. Our investment in the Ghana ICT Hub among other ground-breaking digital and ICT focused initiatives and interventions goes to show that MTN is at the heart of accelerating national development and socio-economic development,” he added.

Minister for Communications and Digitalization, Ursula Owusu-Ekuful, expressed gratitude to the MTN Group and MTN Ghana leadership for partnering with Government in achieving its digitalization agenda.

“The decision by MTN to build an

The Ghana ICT Hub will have the following facilities:

oLaboratories for Technology training and research, Innovation Hub

oCo-working spaces for tech innovation start-ups

oTier 3 Data center

oConferencing facilities, O ces and meeting rooms, Commercial lettable spaces

oGaming Area, Restaurant and Ancillary facilities

The Technology laboratories will be tted with next generation ICT equipment and applications to provide the youth of Ghana with practical training in Industry 4.0 technologies such as:

oArti cial Intelligence (AI), Ma-

BoG must not worsen the plight of businesses — GNCCI reacts to policy rate hike

countered over the past few years, including supply chain disruptions, reduced demand, cash ow challenges, and the recent upward adjustment of utility tari s, the posture adopted by the Central Bank does not augur well in sustaining a conducive business environment.

The event was attended by government o cials including Minister for Communications and Digitalization, Hon. Ursula Owusu, CEO of Accra Digital Center, Kwadwo Baah Agyemang, South African High Commissioner to Ghana, H.E. Grace Mason, Minister for Works and Housing, Hon. Francis Asenso-Boakye, Member of Parliament for Okaikwei South, Hon. Dakoa Newman, Board Chairperson of the National Communications Authority

Isaac Emil Osei-Bonsu Esq., Director-General of National Information Technology Agency (NITA), Richard Okyere Ofosu and board members of the Ghana Digital Centres Limited as well as a cross section of MTN Executives and sta , media and other stakeholders.

The Ghana National Chamber of Commerce and Industry (GNCCI) has said that the recent increase of the policy rate to a historical high of 29.5 per cent will worsen the plight of businesses in the country. The chamber expressed concern that the continuous increase of the

policy rate from 14.5 per cent to the current level was alarming and would have detrimental impact on the business climate in Ghana.

A statement by the chamber stated that in the face of the challenges business have en-

“Majority of businesses including GNCCI members are struggling to break-even in their business operations which is critically undermining their competitiveness, with some manufacturing companies already siting production units outside Ghana to enjoy cheaper inputs.

“The GNCCI holds the view that the recent hike in the monetary policy rate will exacerbate the challenges confronting businesses in Ghana, as it will result in higher borrowing costs and reduced in-

vestment, thereby hampering growth and employment prospects,” the release noted. The release also noted that the policy rate would also have adverse e ects on consumer spending, exchange rates, and in ation expectations, consequently dampening the business climate in Ghana.   Furthermore, it said the proposed Excise Duty Bill and the Growth and Sustainability Levy Bill aimed at boosting government revenue would weigh heavily on businesses, posing signi cant obstacles to their performance, resilience, and sustainability.

In light of these concerns, the GNCCI advocates for policies that support businesses and help mitigate the negative impact of policy rate increase.

The Chamber’s proposals include providing targeted sup-

port for SMEs through nancial aid and access to credit, as well as implementing measures that promote economic growth, such as increasing investment in infrastructure and other sectors.

The release, which was signed by the President of the Chamber, Clement Osei-Amoako, said importantly, macroeconomic policies must aim at strengthening the micro economy and not weakening it Furthermore, the Chamber believes that Ghana’s economic management challenges were partially attributed to an overemphasis on macro prudential programmes, and instead, the way forward lied in prioritising microeconomic diligence by implementing competition laws, structures and path-walking, value addition, and export development,” it’s the release stated.

FBNBank supports students’ career and financial empowerment

ering the youth by collaborating with the University of Ghana Career & Counselling Centre to organise a career week for the students. The week’s activities comprised an industry academia forum, a career fair, corporate icon contest, the decoded show, and the introduction of a uniquely student account, the XploreFirst Students’ Account.

The theme for this year’s University of Ghana Career Week is “Embracing Opportunities: Charting your Career Path” and it was held at the Cedi Conference Centre. The week-long programme started on Monday, 27 March 2023 and will end on Thursday 30

March 2023. The industry academic forum on the theme featured Dr. Bello Bitigu, Director of Sports at the University of Ghana, Joshua Ghanem, General Manager of ALX, Derrick Crentsil, Lead Consultant at La Lune Digital Limited and Kafui Dey, TV Host, Professional Master of Ceremonies and Public Speaking Coach.

Delivering the welcome address, Dr. Bridget Ben-Naimah, Director of the University of Ghana Career and Counselling Centre said, “the Career Week is meant to expose the participating students to opportunities within the job market, training, and internships. Also, the students

were to learn about the skills required for life after school and explore networking opportunities.”

As part of the activities of the Career Week and in line with FBNBank’s youth agenda, the Bank launched the XploreFirst Students’ Account which primarily empowers account holders for the future in addition to a variety of bene ts.

Introducing the XploreFirst Students’ Account, Head of Retail Banking at FBNBank, Allen Quaye said, “Our commitment to the students’ cause and to a larger extent, the ght for youth empowerment has moved up to a new level with the introduction

today of a unique student product which is designed to o er special bene ts to our younger brothers and sisters here and most importantly, o er them a good foundation for the future. Permit me to introduce the FBNBank XploreFirst Students Account, a savings account designed for students between the ages of 16 and 30 years. This account allows the target group to save towards their future while providing them with the opportunity to access world-class nancial services in addition to some exciting bene ts including the possibility of internship at FBNBank, periodic invitations to events by the Bank and free shopping with their MasterCard for POS and online transactions. This product brings to

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

FBNBank has given further meaning to its commitment to

empow-

Allen Quaye, Head, Retail Banking, FBNBank Ghana

life our brand promise to o er the Gold Standard of value and excellence to our customers and it is a testament of our commitment to continue to put the youth at the heart of what we always do.”

He went ahead to invite the students to join the FBNBank family by signing up for the FBNBank XploreFirst Students Account which will deliver great

rewards for their future.

FBNBank has in its 26 years of operating in Ghana remained focused on putting its customers and communities rst. This, it has sought to do through the rich value and excellence of what the Bank contributes to the relationship with its stakeholders as a whole, particularly the customers. FBNBank Ghana

is a wholly owned subsidiary of First Bank of Nigeria Limited Group which is renowned for its great customer service and general stakeholder engagement garnered over its 129 years of operation. FBNBank Ghana has 23 branches, 3 agencies many agent banking partners across the country with over 500 sta . FBNBank o ers universal banking services to individuals and businesses in Ghana.

Asante Gold announces C$27 million financing

period from the date of issue in accordance with applicable securities laws. No commissions or nder’s fees will be paid by the Company in connection with the O ering

The release further noted that the company was currently at an advanced stage of securing a senior debt facility to support capital investments and development of its assets.

The comapny also announced that

Asante Gold had terminated the brokered private placement nancing previously announced on January 23, 2023, due to unfavorable market conditions.

Ghana’s integrated aluminium industry on course – Lands Minister

ite, iron ore, lithium and other green minerals.

Speaking speci cally on bauxite, Mr. Jinapor said while the raw ore sells for around Sixty US Dollars (US$60.00) per metric tonne, primary aluminium, produced from bauxite, sells for over Two Thousand US Dollars (US$2,000.00) per metric tonne.

He said Ghana has an estimated bauxite resource base of over nine hundred million metric tonnes

(900,000,000Mt), capable of creating some two million sustainable jobs, and generating over One Trillion US Dollars in revenue if fully integrated. Unfortunately, we have, over the years, failed to make the needed investment in this area.

He expressed Government’s optimism on the contribution of a fully-integrated aluminium industry to socio-economic development.

“It is for this reason that in 2018, the President of the Republic, H.E.

Nana Addo Dankwa Akufo-Addo, took that bold decision to establish, by an Act of Parliament, the Ghana Integrated Aluminium Development Corporation (GIADEC), to promote and develop an integrated aluminium industry, here in our country,” the Minster said.

According to Mr. Jinapor, GIADEC has, since its establishment, developed a Masterplan for the upstream sector, and is implementing its Four Project Agenda, to expand the existing mine, build three addi-

tional mines, build re neries, and modernise the Volta Aluminium Company (VALCO), with all four projects at various stages of implementation. It is therefore necessary to prepare the downstream industry and make it ready to o -take products from the upstream industry.

He urged participants at the workshop to bring their expertise to bear, and come out with policy options and plans that that will help

build a robust, functioning and vibrant downstream aluminium industry that contributes, meaningfully, to our national economy.

Other participants at the workshop included senior o cials of the Ministry of Trade and Industry, Overseas Development Institute, the Africa Continental Free Trade Area Secretariat, and companies in the upstream and downstream aluminium industry.

Payday secures $3m seed round to power the future of work for Africa

Okoudjou Founder and CEO of MFS Africa & Tola Onayemi CEO of Norebase.

They join follow-on investors Techstars, Angels Touch, Ingressive Capital & Now Venture Partners. Along with existing investors Ethos VC, MAGIC Fund, Ventures Platform, Voltron Capital, and others.

This brings Payday’s total investment to date to $5.1m, following a $2m+ pre-seed round in 2021. In an oversubscribed round, the new capital raised will be deployed to secure operational licensing in the United Kingdom and Canada, while building out operations in the United Kingdom, where the company has recently been incorporat-

ed.

Funding will also be used to boost talent acquisition as the startup’s team complement expands from 35 to 50 employees, as Payday looks to further fuel the future of work through borderless payment alternatives in major currencies.

The round also sees the expansion of the Co-Founding team with the addition of Elijah Kingson – Payday’s current CPO who previously led product design for Premium and subscription products at British-Lithuanian neobank Revolut.

Yvonne Obike, the company’s current COO, has also joined the Co-Founding team. Her work with Nigeria’s Bank of Industry saw her drive MSME growth, societal reha-

bilitation, economic recovery and development to local, national and international stakeholders.

The team has also brought on board former Goldman Sachs and Expedia Product Manager, Sean Udeke as Head of Products.

Launched in June 2021 by Favour Ori, Payday, the rst Rwandan company in history to join Techstars, was developed to support African remote workers, freelancers and digital professionals with frictionless, borderless payments, enabling global payment processing from over 130 countries.

The startup permits those on the continent and in the diaspora, to

send and receive money in USD, GBP, Euros and 20 other currencies, allowing Africans to work remotely for international organisations, and be paid and withdraw money in the currency of their choice regardless of location.

Currently operational in Nigeria, Rwanda and the UK, Payday o ers its 330,000+ users virtual Visa and Mastercards, which can quickly be generated using the Payday App. Onboarding 100,000+ new users a month and processing an average of 40,000 transactions per day, Payday processes several millions in USD per day as a result of its increasing user base. In February 2023, Payday became a payment partner for Starlink, operated by SpaceX, which now enables Nigerian and Rwandan citizens to purchase Starlink routers seamlessly.

Commenting on the fundraise, Favour Ori CEO and Founder of Payday said, “We're thrilled that this round of funding will lay the foundation for the continued growth of our platform as we expand our services to a wider audience. This investment represents a signi cant milestone for our company and we are grateful for the trust and commitment shown by

our investors both existing and new.

We’re amped to scale our platform and reach more Africans, not only on the continent, but around the world. Our passion for empowering individuals and businesses with convenient and secure payment solutions is tangible, and we believe that this funding will allow us to do so on an even greater scale”.

“Our goal remains the same: to make it easy and accessible for anyone to access their payments when on the continent, and with this new funding, we are one step closer to achieving that vision,” concluded Ori.

With the company increasing its user base by 100,000+ a month, the evolution of Payday and its services was inevitable with Payday 3.0 being launched in January of this year. Dedicated to building a super app that enhances and simpli es the UX for its customers, some of its new features include:

Global Accounts (USD, GBP, EUR, etc)

Virtual USD & NGN Cards

Currency Swaps

Payment Links

Local Bills Payment

Peer-to-Peer Transfers

The possibility to add user account information to platforms such as Deel to receive salaries in minutes rather than days

Tosin Eniolorunda, CEO of Moniepoint Inc shared, “At Moniepoint, we’re excited about the unique things Favour and the team are doing with Payday. Personally, I connect deeply with his drive, technical depth, and desire to execute. The urge to encourage that re inspired us to want to be a part of this.

More important is the alignment in our goal to provide nancial happiness by addressing key payment pain points - Moniepoint with merchants and Payday with individuals. We see a potential to leverage their infrastructure to further deepen our suite of nancial services for merchants, and we’re looking forward to all that's to come”.

Temi Marcella Awogboro, General Partner at MAGIC Fund said, “We were early backers of Favour and the Payday team, supporting their audacious vision of enabling swift borderless online payments services for Africa. We are pleased with the positive signi cant milestones achieved on this journey and remain con dent in Favour and the teams’ ability to positively disrupt the sector and impact lives, connecting individuals and businesses with the vast opportunities around the world”.

Maya Horgan Famodou, Founder and MD at Ingressive Capital said, “Favour is one of the most savviest entrepreneurs I have met. He knows how to assess, execute, and pivot exactly when necessary. Hence why Payday has seen such explosive growth. This is certainly a gem in our portfolio. I’d bet on Favour and Payday again any day, both to realize the transformational value and also to make us proud with an exit the ecosystem will reference for years to come”.

Sunil Sharma, Managing Director

Tick TikTok goes globalization

at Techstars Toronto stated, “A word that best describes Favour Ori is relentless," says Sunil Sharma, Managing Director of Techstars Toronto and one of the earliest investors in Payday. I was struck by his personal story which took him from Nigeria to the US for his computer science degree and some valuable early work experience, then to Rwanda to establish a team, then to the UK and back to the US in pursuit of growth.  Favour is always in search of opportunity and nothing can get in his way”.

John Andreini, Founding Partner at Ethos VC said, “I had experience investing early on with Flutterwave and Chipper Cash and when I met Favour it became clear that he was the right person to lead the next generation of ntech companies in Africa”.

Currently, an estimated 80 million African citizens work remotely. Payday's global payment processing capabilities make it a valuable tool for the continent’s expanding digital nomad population looking to make and accept payments from around the world.

By Kenneth Rogoff

The spectacle of the US Congress grilling TikTok CEO Shou Zi Chew on March 23 could one day be remembered as a turning point in the history of globalization. Over ve hours of aggressive questioning, Chew –who is not Chinese but Singaporean – did a magni cent job defending his company’s Chinese ownership in the face of Congress’s limited understanding of the tech world.

The Biden administration views TikTok as a potential national-security threat and wants its Chinese-owned parent company, ByteDance, to sell the platform to a US-owned company or face a possible ban. Chew, however, proposes that ByteDance retain its majority ownership of TikTok but have its US operations run entirely by the Texas-based tech giant Oracle, which would store all US user data on its servers and monitor how TikTok’s algorithms recommend content. Meanwhile, the Chinese government has said that it would oppose a forced sale.

But the odds of Chew’s “Project Texas” convincing Congress or President Joe Biden seem slim. US lawmakers have little condence in the Chinese government’s intentions – and with good reason. For years, Chinese hackers, presumably state-sponsored, have been relentlessly attacking the United

States

government and US-based companies and siphoning o  trillions of dollars  in intellectual property. Although exact numbers are dicult to come by, the pervasiveness of Chinese hacking has raised alarm bells among experts worldwide, particularly in ASEAN countries.

The bipartisan push to restrict TikTok re ects the growing distrust of China, which is one of the very few things that Democrats and Republicans in Washington can agree on. While China itself has a “great rewall” that e ectively blocks US-owned internet platforms, the proposed US ban could accelerate the shift toward deglobalization.

But bashing TikTok may prove easier than banning it. With 150 million US users, it is one of the country’s most popular apps.

American adults reportedly spend an average of 56 minutes per day on the platform. From the standpoint of domestic politics, there is a world of di erence between the proposed TikTok ban and the recent US ban on selling and importing communications and video equipment from Chinese manufacturers like Huawei.

In addition to the scores of TikTokers who make their living on the platform and would become collateral damage if it was prohibited, the app is ex-

traordinarily popular among voters under 30, with polls showing that nearly two-thirds of young people oppose a ban. Given that this age cohort leans heavily Democratic, their opposition could threaten Biden’s re-election chances. Democratic congresswoman Alexandria Ocasio-Cortez, beloved by Millennials and Gen Z’ers, has already come out against the ban  (naturally, she took to TikTok to express her concerns).

Chew certainly scored some points with younger people. If banning TikTok is about protecting American voters from spying and manipulation, he argued, then Congress should devise a plan that also addresses abuses on US-based platforms (all of whom are salivating at the prospect of their biggest competitor being shown the door). After all, the Cambridge Analytica scandal has shown that misinformation and privacy violations on Facebook ultimately helped former US President Donald Trump win the 2016 election. And psychologist Robert Epstein has  argued that Google’s search engine has manipulated voters in favor of Democratic candidates (albeit the quantitative signi cance is disputable). So, Chew has a point. All social media platforms seem ripe for government regulation. The Federal Trade Commission is

currently considering a crackdown on Big Tech’s commercial surveillance and lax data security practices, while Twitter, long deeply problematic as a source of disinformation and slander, has arguably become  worse since Elon Musk took over.

Unfortunately for TikTok, banning Chinese ownership is much easier than regulating Big Tech. Its immense popularity aside, TikTok is just one front in the current tech war between the US and China, which also includes the e orts to convince US allies to bar Huawei from building their 5G networks and the administration’s recent sanctions on the sale of advanced semiconductors to Chinese rms. Moreover, while TikTok’s Project Texas proposal seems sensible, it is hard to believe that Chinese hackers would not have an easier time stealing data from a platform whose parent company is headquartered in Beijing. The increasingly bitter rivalry between the US and China leaves little hope for a compromise that addresses both countries’ security concerns. For example, China could rethink its own protectionist policies and allow US-owned tech companies to operate in the domestic market, but that would jeopardize the authorities’ iron grip on China’s information ecosys-

tem. Likewise, the US could require TikTok’s American operation to be sold at a signi cant premium as partial compensation for what the Chinese government has described as a “smash and grab.” But while this solution at least shows some respect for international law, it would be a hard sell given that China has not paid US companies anything for stealing their intellectual property over the years.

Those who downplay the devastating e ect that a potential US ban could have on TikTok fail to understand the economics of social media. Advertisers’ ability to reach US audiences is precisely what makes social media platforms valuable. Make any platform illegal, and its value to advertisers will vanish. While some users would undoubtedly try to bypass the ban by using virtual private networks (VPNs), this may prove di cult  and would not prevent the loss of advertising revenues. TikTok is putting up a good ght, but it may lose this battle. US lawmakers are reportedly moving forward with plans to ban the platform. While legitimate national-security concerns associated with TikTok must be addressed, an outright ban would do little to protect Americans from spying and manipulation. Sadly, it could also con rm the beginning of the end of the global internet.

Policy framework to transform aluminium downstream in the works

By Eugene Davies

the Eastern region he said “This workshop is about the development of the downstream aluminium industry and that’s important in everything that we doing under the integrated aluminium plan, the downstream is actually the heart that will drive a lot of industrial transformation.

We are looking at a master plan that will lead to the modernization and retro tting of the Valco plant , once that is done we going to be producing in the region of about 300,000 tonnes of primary aluminium and we going to make sure that a lot of this is utilized in Ghana for the bene t of the country to grow the economy.”

The potential of aluminium cannot be underestimated and GIADEC CEO believes the global economy is headed that way in terms of how the country utilizes aluminium in a big way and thinks that what is being doing to establish the integrated aluminium industry will propel Ghana to lead across Africa.

“We will build policies that will attract companies to come and establish here, we have done so successfully in the auto manufacturing part which is why we see these companies producing and I think we can repeat that success with getting a whole load of companies in the aluminium downstream sector.”

the policy will look at a raft of areas; what sort of policies does government put in place to make Ghana an attractive place for such companies who want to make these sorts of investments here…these are going to be multi-million dollar investments and as such with decisions like that , the policy backing is there, there is also the tax incentive framework -which is to ensure that we don’t give too many incentives to companies ..but is all around what we do that recognizes what industry needs and the important thing is that we are not coming here with pre-conceived ideas, we have done some work in terms of trying to de ne what would

be attractive having engagement with industry.

several companies are represented here and we want to have a conversation that will lead to us listening to industry and we want to make sure that the ministry of trade who are also here, nance, agi so we got some building blocks for policy..

and we build the framework that industry is asking for and promote the industry as a whole, so we hope to put this on the table of government to make sure that we can be prepared ahead of these industries coming to Ghana.

Elements in the policy

Embedded in the policy is power which is expected to support the production of primary aluminium -whether it can be green power which can help brand the aluminium produced in Ghana.

Also, the tax aspect as well as

tari s, given that the country imports signi cant quantities of aluminium products into Ghana, the framework when adopted and ready will check such imports and encourage the development of Ghanaian companies.

The Minister of Lands and Natural Resources, Mr. Samuel Abu Jinapor underscored the need to develop the aluminium downstream industry.

For him, the failure to do so over the years, has deprived the country signi cant revenue and employment opportunities for the youth.

He called for value addition to the aluminium produced in Ghana, “ the real value of our mineral resources, lies I value addition. For example, while bauxite sells around Forty to Sixty US Dollars per metric tonne (USD 40 -60),re ned bauxite, alumina sells for over Four Hundred US Dollars (USD400) per metric tonne and

primary aluminium produced from the alumina goes for USD2,000 per metric tonne.

Unfortunately, our failure, over the years to put in place a mechanism for developing this integrated industry has deprived us of the much-needed revenue that will accrue from these resources.” he said.

The workshop seeks to obtain stakeholder input to develop a policy framework and implementation plan for an aluminium integrated industry for the country. It was under the auspices of GIADEC in partnership with the Strategic Anchor Industries Unit of the Ministry of Trade and Industry and the ODI (formerly Overseas Development Institute, with funding from the United Kingdom Government’s Foreign ,Commonwealth and Development O ce (FCDO).

PAN-African Savings and loans donates to two institutions in the Greater Accra and Ashanti Regions

Pan-African Savings and Loans, as part of its Corporate Social Responsibilities (CSR) engagements, recently donated a Water Tank and 6 Ceiling Fans to the Ashaiman No.1 Primary School.

The donation was received by

Mrs. Bernice Kwamla, the Headmistress of the school. She expressed her profound gratitude to Pan-African Savings and Loans for the donation on behalf of the Ashaiman Municipal Directorate (G.E.S), the entire sta , parents and students’ body.

Mrs. Linda Naykene, the Head of Corporate A airs for Pan-African Savings and Loans stated that “Pan-African’s CSR is focused on children and education and seeks to impact positively on the lives of students by supporting schools within its

catchment area of operations”.

She further mentioned that “a series of donations were earmarked for 2023”.

Pan-African made a second donation on 24th March, 2024

to the St. Louis Demonstration JHS in Ashtown, Mbrom in the Ashanti Region.

The school received a projector and 30 chairs for their Assembly Hall.

The students were elated as

they sat on the chairs during the donation ceremony.

Pan-African Savings and Loans Company Ltd is a member of the Ecobank group licensed by Bank of Ghana and has been operating in Ghana since 2008 as a registered Savings and Loans Company. Its o erings include access to loans, various savings products, and provision of mobile money and remittance services as well as innovations that include digital nancial services.

Huawei calls for a ‘non-stop’ digital future for Africa’s banking industry

the foundation and backbone for the digitalization of the banking industry in Africa by supporting the construction of the continent’s ICT infrastructure and digital connectivity in rural areas. Its extensive focus on research and development (R&D), meanwhile, means that it’s well-poised to help the industry shape its future too.

port the hybrid multi-cloud service required by banks. Huawei’s digital energy solutions, meanwhile, can help to provide an uninterrupted and green power supply for the banking sector. This e ectively addresses power de cit issues and supports ‘non-stop’ banking.

ment alongside ’non-stop’ innovation,” he added.

Huawei calls for a ‘non-stop’ digital future for Africa’s banking industry

Huawei today announced its ‘Non-Stop Banking’ initiative.

Unveiled at the Huawei Intelligent Finance Summit for Africa 2023, the initiative calls for hand-in-hand collaboration between the ICT and banking industries and facilitate a digital future of ‘non-stop’ services, ‘non-stop’ development, and ‘non-stop’ innovation.

In a keynote speech announcing the initiative, Leo Chen, president of Huawei Sub-Saharan Africa Region spoke about why going digital has become such a major imperative for the banking industry. Not only does it make it easier for banks to broaden their customer base, he said, it also saves operational

costs, allows them to develop new products, and deepen the customer relationship, thus generating revenues for banks.

In Africa, he added, there’s an even greater imperative for banks to embrace digitization, as it allows for greater nancial inclusion. While Chen lauded the innovative work done by many African banks in embracing digitization, he pointed out that all players in the industry need to go further if they’re to embrace the ‘non-stop’ approach that will characterise the future of banking.

Huawei has already served more than 2500 nancial customers in over 60 countries and regions, including 50 of the world’s top 100 banks. Numerous Huawei technologies, Chen said, are helpful on this front. Over the years, it has provided

From a technical perspective, he pointed to Huawei’s strength in storage, bre optic networks, IP networks and data communication, which enable ‘multi-domain collaboration’ solutions for banks. For example, its ‘storage and optical connection coordination (SOCC)’ solutions can reduce system switchover time from two minutes to two seconds after a network breakdown, ensuring zero transaction interruptions. The multilayer ransomware protection (MRP) technology, meanwhile, can provide 6-layer protections, from storage, to network, to applications and other layers. It enables a reliable and secure ‘end-to-end’ protection to the whole system. Finally, Huawei’s intelligent network O&M solutions enable faults to be detected in one minute, diagnosed in three minutes, and recti ed in ve minutes.

Huawei Cloud, the world’s fastest-growing major cloud service provider, can additionally sup-

That kind of technological innovation will be important because, as Jason Cao, CEO of Huawei Global Digital Finance pointed out, nancial services are becoming mobile and intelligent at a blistering pace.

“The nancial industry should pay acute attention to users and their demands, embracing changes,” he said. “Huawei is dedicated to helping its African nancial customers address challenges and accelerate changes across six elds: shifting from transaction to digital engagement, cloud-native and agile businesses, data democratization, secure and reliable infrastructure, hybrid multi-cloud and Lego-style modular services, and automated and predictable operation.”

“In this way, Huawei will facilitate nancial digitalization and innovatively improve productivity in Africa. Revolving around stability, agility, and intelligence, Huawei aims to build ‘non-stop’ nancial services, and achieve ‘non-stop’ develop-

Emirates honoured as Most Valuable Airline Brand in Ghana

Emirates Airlines has been recognized as “Global Quality Airline Brand of The Year’’ and “Overall Best Quality Service Brand of The Year” at the 2023 Global Business Quality Awards, held on 24 March 2023, at the Labadi Beach Hotel. The airline was awarded for its global standard of quality for decades and the most valuable airline brand in Ghana.

This recognition is a demonstration of Emirates’ unwaver-

Beyond technology, Huawei issued a call for all parties in the industry to come together and build more robust ICT infrastructure, facilitate more measures and policies to encourage digital nance innovation, cultivate a sound innovative ecosystem, and train more digital talent for the industry.

Huawei is particularly active on the last two points. Huawei Cloud’s Spark programme, for example, has pledged to assist 1 000 SMEs over the next three years. And having already trained more than 80 000 digital talents in Africa, it has launched the ‘LEAP’ digital talent training programme in Sub-Saharan Africa region, aiming to train another 100 000 people in the next three years.

The Huawei Intelligent Finance Summit for Africa 2023 brought together more than 200 attendees, including key industry opinion leaders, as well as executives from major banks across Africa

ing commitment to delivering the highest standard of service and quality to its customers in Ghana.

The Global Business Quality Awards is an initiative of the Entrepreneurs Foundation of Ghana (EFG), to recognize esteemed global brands and quality leaders operating in Ghana. Currently in its seventh edition, the award program is considered a prestigious recognition for businesses, organizations, and personalities in Ghana.

The Artificial Intelligence Paradox:

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

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

concept of technological singularity, its potential implications for humanity, and its relevance to the theory of extraterrestrial intervention. This section will explore the crux of the theory: that AI's presence in our lives has hindered extraterrestrial intervention aimed at promoting our technological development. We will analyze the reasons behind this assertion, focusing on the following key points:

The entry of arti cial intelligence (AI) into our lives has brought about a seismic shift in how we approach technology, research, and collaboration. As AI continues to evolve and become more sophisticated, it raises questions about its in uence on foreign intervention and its role in promoting our technological development to advance our understanding and interaction with outsiders. This article will explore whether the introduction of AI has hindered or facilitated the intervention of foreign entities in promoting technological advancements for the purpose of global understanding and cooperation.

The di erent aspects of AI's inuence on foreign intervention, technological advancements, and global understanding. By exploring these various dimensions, we will seek to determine whether AI has hindered or facilitated the intervention of foreign entities in our technological development and interaction with outsiders.

Since the inception of the eld of AI in the mid-20th century, technology has rapidly evolved and made its way into various sectors of society. From healthcare and education to nance and transportation, AI has transformed the way we live, work, and communicate. With its growing in uence, AI has also started to reshape the landscape of global collaboration and communication, raising questions about its impact on The concept of AI can be traced back to the ancient Greeks, who imagined intelligent machines and automatons. However, the modern eld of AI emerged in the mid-20th century, with the work of pioneers such as Alan Turing, John McCarthy, and Marvin Minsky. The development of AI has since progressed through several stages, from the early days of symbolic AI and expert systems to the current era of deep learning and neural networks.

AI has made signi cant inroads into various sectors of society, from healthcare and nance to transportation and entertainment. AI-driven technologies like machine learning, natural language processing, and computer vision have enabled groundbreaking applications, including personalized medicine, autonomous vehicles, and content recommendation systems.

As AI continues to advance, it has begun to reshape the way we collaborate and communicate on a global scale. AI-enhanced tools, like language

translation and video conferencing software, have made it easier to bridge linguistic and cultural barriers, fostering greater international understanding and cooperation.

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

Th

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

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

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

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

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

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

AI is driving a new era of research and development, as machine learning algorithms help researchers identify patterns, make predictions, and uncover insights that were previously unattainable. This has led to breakthroughs in elds such as medicine, climate science, and materials science, accelerating the pace of innovation and opening up new avenues for collaboration between nations.

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

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

AI-powered platforms, such as Slack, Zoom, and Microsoft Teams, have made it easier for teams and organizations to collaborate and communicate across borders, fostering greater international cooperation. These platforms enable more efcient work ows, real-time communication, and seamless integration with other tools, helping to break down barriers and facilitate global collaboration on projects, research, and initiatives. While AI has the potential to foster greater global understanding and cooperation, it also poses several challenges and risks. These include the potential for AI to exacerbate existing inequalities, the risk of AI being used for malicious purposes, and the challenges posed by AI-driven job displacement. Addressing these challenges will require a concerted e ort from governments, businesses, and civil society to ensure that AI is developed and deployed responsibly and equitably.

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

The entry of arti cial intelligence into our lives has undoubtedly had a signi cant impact on various aspects of society, including foreign intervention, technological development, and global understanding. While AI has the potential to revolutionize diplomacy, enhance international collaboration, and promote global understanding, it also presents challenges related to cybersecurity, privacy, and ethical considerations.

Addressing these challenges will require the development of international norms, agreements, and governance frameworks to ensure that AI is used responsibly and equitably. By doing so, we can harness the power of AI to foster a more interconnected, cooperative, and inclusive world, while mitigating the risks associated with its development and deployment.

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

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

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

The advent of AI has spurred signi cant advancements in various elds, including communication, medicine, and automation. However, it has also given rise to concerns about the possibility of a technological singularity – a hypothetical point at which AI surpasses human intelligence, resulting in unforeseeable consequences. This section will discuss the

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

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

3.    The possibility that AI could lead to increased secrecy and surveillance, making it more di cult for UFOs to engage with humanity.

To provide a comprehensive analysis of the theory, this section will present counterarguments and alternative perspectives. We will consider the following opposing viewpoints:

1.    The idea that AI could actually facilitate communication with extraterrestrial beings, improving our understanding of UFOs and promoting cooperation.

2.    The suggestion is that technological singularity may not occur, and human advancement will continue to rely on extraterrestrial intervention.

3.    The argument that AI's development might be a result of the extraterrestrial in uence, rather than a hindrance to it.

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

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

2.    The possible consequences of extraterrestrial intervention in human affairs, including the risks and bene ts associated with accelerated technological development.

3.    The role of international cooperation and regulation in managing the potential challenges and opportunities presented by AI and extraterrestrial encounters.

The theory that AI has hindered extraterrestrial intervention aimed at promoting human technological development raises several compelling questions about the role of AI in our society and its implications for our understanding and interaction with UFOs. The paradox of AI's in uence on extraterrestrial intervention highlights the complexities and uncertainties that surround the future of technological advance-

Samuel Shay

The author: Samuel Shay, is an international business expert and Chairman of leading Israeli tech rm, Gulf Technologies Systems

Hindering or accelerating extraterrestrial intervention for technological advancement in our life via the impact of artificial intelligence on foreign intervention and technological advancement

ments and their potential connection with out-of-Earth foreign entities.

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

Furthermore, alternative perspectives propose that AI may be a product of ex-

traterrestrial in uence rather than a hindrance to it.

Ultimately, the debate surrounding AI's impact on extraterrestrial intervention underscores the importance of continued research and exploration in the elds of arti cial intelligence, UFOs, and extraterrestrial life. As our understanding of these subjects evolves, so too will our ability to assess the veracity of this theory and its implica-

FX Insights

Forget

tions for humanity's future.

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

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

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32%

As Nigerians prepare to go to the polls on Saturday to elect a new president, a cash shortage caused by a policy to exchange old Naira notes for newly designed bills continues to cripple the economy, creating a rift in the ruling All Progressives Congress (APC) party. The note swap plan championed by incumbent President Muhammadu Buhari has led to violent protests across the country and resulted in a temporary suspension of banking operations in some states. Several governors have petitioned th e Supreme Court to overturn the policy, citing severe hardship faced by people and businesses dependent on cash for survival.

Buhari’s apparent intention behind the policy is to curb vote buying by politicians, turning a deaf ear to APC governors who have made repeated calls to postpone the implementation of the policy. Amid fears of the current tensions spilling over to political violence, Buhari said he’s mobilising military and security agents to monitor polling stations for evidence of vote rigging. The severe cash shortage has held the currency steady in spite of the economic turmoil, with the Naira strengthening marginally against the dollar to 755 from 756 at last week’s close. In this context, resolving the cash shortage has become more signi cant for the Naira outlook than the election result—with the rate likely to hold around current levels until Naira supplies recover.

Rand sinks to lowest in more than 3 months

The Rand depreciated against the dollar, trading at 18.25 from 18.05 at last Friday’s close—its weakest level since early November. The currency is being dragged lower by broad risk-o sentiment globally and ongoing domestic concerns about the electricity crisis. In an e ort to ease concerns about Eskom’s nances, South Africa’s government said it will take on more than half of the power company’s debt over the next three years to help strengthen the balance sheet and avoid the risk of default. We expect the Rand to continue trading with an 18 handle in the near term, mainly due to the risk-o mood that is impacting emerging markets FX.

Foreign Exchange

Down 18%

The Cedi weakened against the dollar, trading at 12.76 from 12.38 at last week’s close as Fitch Ratings cut Ghana’s foreign currency credit rating to ‘restricted default’ after the country missed a $40.6m coupon payment on one of its outstanding Eurobonds. The downgrade aligns with Fitch’s local currency rating, which was cut earlier this month. The foreign debt default was largely expected after Ghana said it would suspend payments on certain bonds as part of its restructuring plan to unlock $3bn in emergency funding from the IMF. The country faces pushback from bondholders over preferential treatment for bilateral lenders, who are being o ered better terms in the debt restructuring. Against this backdrop—and with in ation remaining elevated despite a slight improvement in January—we expect the Cedi to depreciate further in the near term.

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94%

Shilling strengthens as Uganda resists

rate rise

Foreign Exchange Down

4.8%

The Shilling strengthened against the dollar, trading at 3674 from 3684 at last week’s close. Uganda’s central bank kept its benchmark interest rate on hold at 10% for a second consecutive monetary policy meeting. The bank last raised by 100 basis points in October, with rates ending the year 350 basis points higher than they were at the start of 2022. Policymakers said the decision to hold rates was aimed at containing domestic demand pressure and supporting economic recovery. The bank said it expects in ation to slow to its 5% target by the end of the year despite in ation edging up to 10.4% last month. In the near term, we expect the Shilling to weaken amid continued food and energy price in ation.

Egypt issues debut $1.5bn sukuk

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

Kenyan Shilling hits new low as FX reserves dwindle

The Shilling weakened to a fresh low against the dollar, trading at 126.15 from 125.90 at last week’s close amid increased FX demand from the oil and energy sector. The currency has now lost more than 2% of its value this year. Kenya’s foreign currency reserves also dropped to a new record low $6.88bn from $6.94bn the previous week. There are signs of recovery in FX ows: Kenya secured a $27m funding deal with the European Union to boost exports to the 27-nation bloc and strengthen the overall business environment. The government is also anticipating $3.4bn in tourism-related earnings this year as it expects tourist numbers to exceed pre-pandemic levels. In the immediate term, however, we expect the Shilling to remain under pressure as importers clamour for dollars to meet month-end obligations.

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CIDAN INVESTMENTS LIMITED

WEEKLY MARKET REVIEW FOR WEEK ENDING

March 28, 2023

Cape Coast Castle is turning out to be more than a World Heritage Site… It has become a feature of western leaders’ visits to West Africa

By Philip Gebu

that we've made because of the courage of so many, black and white, to abolish slavery and ultimately win civil rights for all people, I think is a source of hope.  It reminds us that as bad as history can be, it's also possible to overcome.

There are many international celebrities who have also visited the Cape Coast Castle and have provided very good reviews. The videos tourists share with their friends and family have all contributed to marketing the castle. According to researchers, out of the 66 forts and castles built along the coast of Africa, 43 were found in Ghana because of the rocky beaches. This explains the connection the country continues to enjoy with the diaspora. The future is Africa and we need to take advantage and position our tourism for the future. Many of this visits must be encouraged.

For those who have not yet visited Cape Coast Castle it’s important to visit and learn about it.

Cape coast Castle has since becoming a tourist site attracted many tourists to Ghana and continues to be a feature of western leaders who visit Africa especially the western part. A visit to the Cape Coast Castle or the Elmina Castle will always be an emotional one. I watched a movie on the slave trade recently where Will Smith featured in and the story line was one depicting terror and pain and su ering. This followed events the slaves were subjected to upon arrival in the America. The followed rst, a long journey on foot from the Northern part of Ghana to the South where the castles where found. They again had to embark on another long journey in the most unbearable conditions across the Atlantic Ocean. The journey, from beginning to end is all about suffering.

The latest leader to add her voice to this sorrowful experience is United States Vice President Harris who toured the Cape Coast Castle on Wednesday. As reported by CNN, Vice President Kamala Harris emerged from the female slave dungeon at Cape Coast Castle visibly shaken.

Inside the famous slave trading outpost’s dungeon, Harris set a bouquet of owers down and placed her hand on the centuries-old wall, connecting herself physically to the sorrow of the Africans it once imprisoned. After the tour she said, “Being here was immensely powerful. The crimes that were done here, the blood that was shed here, the horror of what happened here must always be remembered. It cannot be denied. It must be taught; history must be learned.”

The Castle attracted President Obama in 2009 and after the visit, this is what

he had to say. Michelle, the children, as well as other members of my family, just got an extraordinary tour of this castle.  It is reminiscent of the trip I took to Buchenwald because it reminds us of the capacity of human beings to commit great evil.  One of the most striking things that I heard was that right above the dungeons in which male captives were kept was a church, and that reminds us that sometimes we can tolerate and stand by great evil even as we think that we're doing good. You know, I think it was particularly important for Malia and Sasha, who are growing up in such a blessed way, to be reminded that history can take very cruel turns, and hopefully one of the things that was imparted to them during this trip is their sense of obligation to ght oppression and cruelty wherever it appears, and that any group of people who are degrading another group of people have to be fought against with whatever tools we have available to us.

So obviously it's a moving experience, a moving moment.

We want to thank those who arranged for the tour and the people of Ghana for preserving this history.  As painful as it is, I think that it helps to teach all of us that we have to do what we can to ght against the kinds of evils that, sadly, still exist in our world, not just on this continent but in every corner of the globe. And I think, as Americans, and as African Americans, obviously there's a special sense that on the one hand this place was a place of profound sadness; on the other hand, it is here where the journey of much of the African American experience began.  And symbolically, to be able to come back with my family, with Michelle and our children, and see the portal through which the diaspora began, but also to be able to come back here in celebration with the people of Ghana of the extraordinary progress

EDITOR: BENSON AFFUL

Cape Coast Castle,  (Swedish:  Carolusborg) is one of about forty "slave castles", or large commercial forts, built on the  Gold Coast of West Africa (now  Ghana) by European traders. It was originally a Portuguese  "feitoria" or trading post, established in 1555, which they named Cabo Corso.

In 1653, the Swedish Africa Company constructed a timber fort there. It originally was a centre for the trade in timber  and gold. It was later used in the  Atlantic slave trade. Other Ghanaian slave castles include  Elmina Castle and Fort Christiansborg. They were used to hold enslaved Africans before they were loaded onto ships  and sold in the Americas, especially the Caribbean. This "gate of no return" was the last stop before crossing the Atlantic Ocean. Cape Coast Castle, along with other forts and castles in Ghana, are included on the  UNESCO World Heritage List  because of their testimony to the Atlantic gold and slave trades. The rst fort established on the present site of Cape Coast Castle was built by Hendrik Caerlo   for the Swedish Africa Company. Caerlo was a former employee of the Dutch West India Company who had risen to the rank of scal before employing himself with the latter company established by Louis de Geer. As a former high-ranking o cer of the Dutch, Caerlo had the friendly relations with the local chiefs necessary to establish a trading post. In 1650, Caerlo succeeded in getting the permission of the king of Fetu to establish a fort at Cabo Corso (meaning "short cape" in Portuguese, later corrupted to English Cape Coast).  The rst timber lodge was erected at the site in 1653 and named Carolusborg after King Charles X of Sweden. Karlo returned to Europe in 1655, leaving Johann Philipp von Krusenstjerna in charge of Carolusborg. Louis de Geer had, however, died in the meantime, and Caerlo got himself involved in a serious dispute with his heirs. In Amsterdam, he con-

vinced merchants to give a nancial injection to the  Danish West India Company, for which he set sail to the Gold Coast in 1657, with the goal in mind to capture for Denmark the Swedish lodges and forts he had established himself. With the help of the Dutch, Caerlo succeeded in driving the Swedes out, leaving the Gold Coast on the captured ship Stockholms Slott, and with Von Krusenstjerna on board as a prisoner. Karlo had left Samuel Smit, also a former employee of the Dutch West India Company, in charge of Carolusborg. The Dutch were able to convince Smit in 1659 of the rumor that Denmark had been conquered by Sweden, upon which Smit rejoined the Dutch West India Company, handing over all Danish possessions to the Dutch. The King of Fetu was displeased with this, however, and prevented the Dutch from taking possession of the fort. A year later, the King decided to sell it to the Swedes. After the King died in 1663, the Dutch were nally able to occupy the fort. The Danes had in the meantime established another fort,  Fort Frederiksborg (1661), just a few hundred meters east from Carolusborg. Although situated perfectly to launch an attack on Carolusborg, the English capture of Carolusborg (1664) during the prelude to the Second Anglo-Dutch War, prevented the Danes from challenging them; the English had reinforced the fort, which they named Cape Coast Castle, to such an extent that even Dutch Admiral Michiel de Ruyter deemed it impossible to conquer.[9] As the Dutch had captured the former English headquarters at Kormantin and had rebuilt it as Fort Amsterdam, Cape Coast became the new capital of the English possessions on the Gold Coast.[10]

In 1689, the pirate Duncan Mackintosh was hanged at the Castle with a few of his crew, though he would not be the last pirate hanged at the fort.[11] In 1722, the fort was the site where 54 men of the crew of the pirate Bartholomew Roberts were condemned to death, of whom 52 were hanged and two reprieved.

In 1762, an extensive spur  ending in a tower was built on the western side and in 1773, a high building along the north curtain was erected, during which the last remnants of the 17th-century fort were demolished. Greenhill Point, a bastion to the east of the castle, was replaced by two new bas-

tions, with a sea gate in the middle. To the south, two new bastions, named Grassle's Bastions, replaced an old round tower as the main defensive work. The tower, which now had no military use, was extended in the 1790s with two stories, now becoming the governors' apartments. The space below Grassle's Bastions was used as the new slave dungeons (source) Wikipedia.

Philip Gebu is a Tourism Lecturer. He is also 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.Visist our social media sites Facebook, Twitter and Instagram: FoReal Destinations.Gillian White

The famous actress and wife of actor Jai White is another Hollywood celebrity who has shed tears at the Cape Coast castle. The actress together with his partner, Jai White and children visited Ghana in January 2019 to take part in the Year of Return  program. As expected, Gillian and her family traveled to Cape Coast in the central region of Ghana to visit the castle. Gillian couldn’t hold back her tears as she toured the castle that was used to keep slaves captive before being shipped to Europe.

Gillian White

Anthony Anderson

American sitcom king, Anthony Anderson, is all the time in his jovial mood and hardly would one see him with a grim face or even imagine it, but when the famous comedian visited the Cape Coast castle upon his arrival in Ghana, he lost his usual jovial and happy looking appearance. For once, Anthony Anderson looked emotional, sad and in utter shock as he was told the harrowing experience his forefathers were subjected to by their European slave masters. While he did well to hold his tears back, one could easily see the lively actor and comedian was emotional.

Other popular actors including Boris Kodjoe, Netherland international, Memphis Dapay and actor Jai White have all visited the castle in recent years but barely managed to hold back their tears. One thing is for sure, you cannot visit Cape Coast castle and not get emotional especially for blacks living in other parts of the world other than Africa.

Steve Harvey at Cape Coast Castle