Investment Times Newspaper 2023 Edition | Issue 11

German Finance Minister calls on G20 to form Creditor Committee on Ghana’s debts

IMF bailout: Minority raises alarm over a looming 3million job loss

Minority Chief Whip Kwame Governs Agbodza has alleged that the government plans to cancel or suspend some 60 projects as a result of conditionalities in the negotiations for a $3 billion International Monetary Fund (IMF) economic programme.

He also disclosed that the suspension of the said projects would lead to about 3 million job losses hence the need for the government to be transparent about the conditions of the IMF deal.

Addressing a press conference in Accra on Monday, the Adaklu MP questioned why government ocials were negotiating the deal in secrecy.

".......as we sit here, a series of

meetings have taken place with a close group of people in the NPP where about sixty projects and programmes are going to either be suspended or cancelled. These projects include the Obetsebi Lamptey road extension, the La and Shama General Hospital projects, the Tema Motorway Road project, and the Adomi Bridge project.”

"Nobody knows what Finance Minister, Ken Ofori-Atta, and the Head of the Economic Management Team Vice President Dr Mahamudu Bawumia is negotiating for," he said.

“You will be surprised this government paid some of the developers 15 per cent to 20 per cent mobilization fees and the contractors are sitting in their o ces

drinking tea because the govern ment is unable to tell them whether to go ahead because the Finance Minister basically asked them to suspend all those proj ects and we are currently losing value because the contractors have taken the money and no work is currently going on.”

He also demanded transparency in the selection of these projects for either suspension or cancella tion.

“What are the underlying princi ples of the selection of the proj ects the NPP wants to cancel, sus pend or go ahead with? We all have to have an understanding of this because the lack of under standing creates anxiety.”

MTN Ghana reviews tariffs upward

utes will now give customers 23.9 minutes, whilst a three cedis data bundle which previously gave customers 471 MBs will now give customers 401 MBs.

Stanbic Bank is number one for Personal and Business Customers

MTN has announced an upward review of the tari s of its products and services e ective February 07, 2023.

The review is as result of two changes. Firstly, the implementation of the 2.5% statutory adjustment of VAT from 12.5% to 15% across all services.

This will impact both Prepaid and Post-paid customers. Secondly, MTN Ghana is proceeding with a 15% average upward review of its mobile data tari s which was originally announced in November 2022 and was subsequently put on hold.

The increase in mobile data tari s will impact both Pay Monthly and Pay-As-You-Go users. The review in mobile data bundle o ers cover products available on the short codes 138 & 170, as well as on purchases through

Electronic Voucher Distribution (EVD), MTN Pulse, and Data Zone except for XtraTime. The data tari increases do not apply to Fiber Broadband and Fixed Wireless Access (4G Router / Turbonet) customers.

With this review, voice users will receive less airtime due to the VAT implementation, and mobile data customers will receive less data bundle allocations for the same price purchased before the tari increase was made.

The Chief Commercial O cer for MTN, Mr. Noel Kojo-Ganson, explained the impact by giving an example of how the new pricing will work. He said, following the review, a three cedis airtime purchase before the VAT increase, which previously gave customers 24.4 min-

Explaining the reason for the upward review of the Data Bundle prices, Mr. Noel Kojo-Ganson said the review was necessitated by the recent economic shifts leading to increasing cost of operations largely due to continuous increase in in ation. “These economic shifts have impacted us directly and for us to ensure we have the right balance for sustaining growth and investments into the network, we have had to consider price increases in various segments of our business.”

Mr. Kojo-Ganson added, “MTN recognises that we are in very tough times and would like to assure our customers that we will continue to o er them the convenience and exibility in the purchase of data bundles at their desired price points via the MTN Flexi and Non-Expiry Bundles. Also, customers will continue to enjoy the 50% bonus incentive on mobile data purchases via MyMTN App & MoMo (valid for 7 days) for 4G customers”.

MTN remains committed to investing USD1 Billion by 2025 to continue its network expansion and improve the network experience for customers. In line with our Ambition 2025 strategy, our purpose is to lead digital solutions for Africa’s progress.

Stanbic Bank Ghana has emerged as the highest rated Ghanaian bank for overall service quality for personal and business customers in the 5th Ghana Customer Service Index (GCSI), a survey conducted by The Institute of Customer Service Professionals (ICSP). The GCSI 2022 measured customer satisfaction, its causes, and e ects as well as implications, for sectors. The survey which was conducted amongst 188 companies from 11 di erent sectors showed that out of 16 banks, Stanbic Bank Ghana Limited came tops with an overall score of 81.4%.

UKGCC applauds the inauguration of the Independent Tax Appeals Board in Ghana

The UK-Ghana Chamber of Commerce (UKGCC), a member-based trade association that promotes trade between the UK and Ghana, has applauded the inauguration of the Independent Tax Appeals Board (ITAB) in Ghana by the government. The Board, created in accordance with the Revenue Administration (Amendment) Act, 2020 (Act 1029), will tackle tax disputes and appeals against objection decisions of the Ghana Revenue Authority.

Anthony Pile MBE, Chairman of the UKGCC Executive Council, remarked, "we hope that this will enhance revenue mobilisation, through speedy adjudication, accuracy, and fairness in tax dispute resolution".

"This is welcoming news for businesses and investors in Ghana, as taxpayers will be given a chance to have a fair hearing of their cases and a determination of the proper amount of their liabilities by an independent body, before being required to pay them".

Stanbic Bank is number one for Personal and Business Customers

Commenting on the recognition, Head, Voice Branch & Customer Experience (CHNW) at Stanbic Bank, Nana Serwaah Bossman stated that, this achievement is as a result of the bank’s commitment to innovation and its omni-channel strategy, which includes fully digital banking services integrated with the traditional banking channels, online and mobile banking experiences. She said, “Stanbic Bank Ghana is passionate about building a single source of truth across the entire customer journey and be able to respond quickly to changing customer needs. That is why we partnered with and adopted Salesforce as the key mechanism for client relationship to leverage engagements and interactions to our mutually bene cial advantage. This was a major step towards transforming the Bank into a client-centred platform business that delivers a range of individualized, instantly available

solutions, services, and opportunities, enabled by modern digital technologies, and delivered in whatever way a client prefers”.

“Our signi cant investment in technology and the use of our data capabilities to build deeper, better and more enduring relationships with our clients is evidently paying o . The Customer Relationship Management (CRM) platform among other things, has made it easy for us to cross-serve our customers with tailored and targeted nancial services, reduced manual work and there’s advanced cooperation between groups and teams. It is refreshing to know that customers are noticing the di erence”, she added.

Nana Serwaah also commended the Customer Experience team and the entire Stanbic workforce for living the Bank’s Service Charter principles. She stated, “Congratulations to the entire team at Stanbic bank for making this achievement pos-

sible. This recognition is a testament of the hard work and e ort that we put into work and the evidence of your dedication to excellence. I am certain that this award will spur us to do even more and put in extra e ort to make sure that we remain on top of our game.”

The Ghana Customer Service Index (GCSI) is a national indicator of customer evaluations of the quality of goods and services patronized by both Ghanaians and non-Ghanaians living in Ghana.

The GCSI 2022 measured customer satisfaction, its causes, and effects as well as implications, for 11 economic sectors namely Banking, Healthcare, Hospitality, Insurance, Online businesses, Public Institutions, Retail Malls, Telecommunications, Transportation, E-Commerce and Utilities.

The GCSI is produced by the Institute of Customer Service Professionals (ICSP) through a partnership with Hegemony Consulting

Limited, a Market Research consulting rm. Earlier this year, Stanbic Bank Ghana was also ranked amongst

the top three Ghanaian banks with the most loyal customers in the banking sector by research rm, Global InfoAnalytics.

UKGCC applauds the inauguration of the Independent Tax Appeals Board in Ghana

the courts to have their disputes with the Ghana Revenue Authority (GRA) resolved.

The Board, independent of the Ghana Revenue Authority, will ensure an e cient and cost-e ective appeal mechanism for tax cases in Ghana, thereby providing a system of transparency, balance, and increased con dence for taxpayers.

Mr. Pile further added that "we are looking forward to the notice of appointment of the Executive Secretary of the ITAB who will be responsible for receiving appeals".

The UK-Ghana Chamber of Commerce (UKGCC) was established in 2016 to promote trade between the UK and Ghana. It is the leading UK business support organisation in Ghana.

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

For years now, the UK – Ghana Chamber of Commerce has been one of the business community’s foremost advocates for tax policy and administration reforms, that best provides an enabling business and investment environment while raising revenues to support the economic development of Ghana. About the UKGCC

The UKGCC provides exceptional support for its members through the sharing of knowledge and ideas, creating platforms for building stronger networks and providing linkages with Government and its agencies.

One of its key foci is to see Ghana become a signi cant economic partner for the UK as an export market, import source, investment destination and vice versa. It exists to further the business interests of its members across both countries and create more business opportunities. The Chamber is backed by the British and Ghana Governments through the UK-Ghana Business Council and the British Chambers of Commerce in the UK and is Africa Scotland Business Network Strategic Partner.

German Finance Minister calls on G20 to form Creditor Committee on Ghana’s debts

The German Finance Minister, Christian Lindner, has called for a quick formation of a creditors committee under the common framework to deal with Ghana’s debt restructuring e orts.

Speaking after a meeting with Ghana’s Finance Minister Ken Ofori-Atta, Mr Lindner said the support from the creditors would enable the country to restore economic growth.

“For Germany, it is essential to see a fair burden sharing among all creditors We need a creditor committee as soon as possible. I would like to call on all creditors to join the e orts as swiftly as possible” he said, and urged China, as an important bilateral creditor of Ghana, to participate in such an e ort.

“We have to nd new approaches to the over-indebtedness of low-income countries and the common framework is part of this solution and Germany is willing to play its

role,” he said. The bilateral talks centred on International monetary fund (IMF) sta engagement and structural reforms in the energy sector, among others. Mr Lindner said it was important for Ghana to keep its credibility and turn around its economy quickly to be able to take advantage of the nancial markets.

He said Germany was aware of Ghana’s challenges and had “a vital interest in the success of the Ghanaian economy and we want to see West Africa as a whole stay stable. We are interested in the economic well-being and progress of Ghana.”

He said, “We know that there are opportunities for this country. It has dynamism and we really appreciate the e orts the government has made by expanding its human capital and focusing on improving social mobility but due to the COVID-19 pandemic situation and the impact of the Russian and Ukraine invasion the situation unfortunately is getting

worse.”

He said Germany, which was Ghana’s second largest bilateral creditor, was ready to support Ghana’s e ort to bounce back economically.

He said Ghana needed to balance its scal measures in the budget, ensure macro-economic recovery and debt operations to be on a sus-

tainable path to economic development over the next few years.

He commended the government for its e orts to restructure public or sovereign debt and for trying to support private sector banks to preserve their capital and their capability to nance further growth.

On his part, Mr Ofori Atta said Ghana was in the middle of an IMF

programme, which required the support of Germany such as forming a creditor committee at the Paris club to accelerate the decision-making process and supporting the IMF fund board to enable Ghana to get approval in March 2023.

“Germany has always been strong with their support for us in terms

of energy, nancial services and social inclusion and these are all critical components of our growth programme,” he said. He said Ghana’s debt pro le had increased by some 20 per cent and it was necessary to look at the concept of debt restructuring and debt forgiveness. He said Ghana’s international credi-

tors would need to take a decision based on common humanity, understanding and how to reposition the global framework “so that we can all have resilience.”

Source: GNA

Ghana Gas signs $700m deal for second gas processing

Speaking at the signing ceremony, Mr Kennedy Ohene Agyapong, the Board Chairman of Ghana Gas, said the project, upon completion, would enhance the operations of the GNGC and further boost the utilisation of the country’s gas resources for the Government’s industrialisation agenda.

Mr Agyapong, also Member of Parliament for Assin Central, said the facility would play a critical role to help Ghana achieve her energy transition objectives of using renewable energy sources for industrial purposes and reduce the global carbon emissions.

power outages (dumsor) experienced in Ghana.

The by-products from the processed gas, he explained, could be used to manufacture fertilizer, which would boost the agriculture industry and ultimately reduce the country’s fertilizer import.

Mr Egyapa Mercer, a Deputy Minister of Energy, on his part, said the project would be a useful additional infrastructure in the country’s power generation system.

It would also support the government’s e orts in providing an alternative power supply to drive socio-economic development, he added.

The Ghana National Gas Company (GNGC) on Friday signed a Project Implementation Agreement with its joint venture partners to construct a second Gas Processing Plant (GPP Train 2) at an estimated cost of $700 million.

The gas plant would be sited at Atuabo in the Ellembele District of the Western Region and expected to be completed within 24 months.

It would generate 1,500 direct and indirect jobs within the Atuabo power enclave.

At the signing ceremony in Accra, Dr Benjamin K. D. Asante, the Chief Executive O cer (CEO) of the GNGC, initialed for the Ghana Gas while Dr Hilton John Mitchell,

a representative of the Consortium, comprising the Integrated Logistics Bureau Limited, Jonmoore International, Phoenix Park Limited and African Finance Corporation, signed for the rest of the partners.

The construction of a second train gas processing plant with a nominal =]to 300 MMscfd, to process incremental raw gas volumes from the Greater Jubilee and TEN elds.

The project formed part of the GNGC’s strategic development plan and expected to increase the national gas processing capacity to 450 MMscfd.

The new gas processing facility will process raw gas with natural

gas liquids (NGLs) being fractionated into pure components like propane, butane, pentane and stabilised condensate components from the Jubilee and TEN Fields.

The lean gas containing methane and ethane shall be tied-in into the lean gas export from existing GPP Train 1 and delivered into the onshore export pipes. ome of the components of the GPP Train 2 include the construction of a 150 MMscfd capacity processing plant, expandable to 300 MMscfd, a storage facility, an additional compressor package at Atuabo Mainline Compressor Station and provision of utilities and liquid waste treatment system.

Modernization of regulatory frame works critical for universal broadband coverage-MTN Group Boss

The President and CEO of MTN Group, Africa’s telecommunications giant, Ralph Mupita, has called for modernization and harmonization of regulatory frameworks to ensure Africa can deliver universal broadband coverage by 2030.

He made these remarks at the maiden edition of the Africa Prosperity Dialogues held at the Peduase Lodge in the Eastern Region of Ghana. The event was attended by several distinguished African leaders including the President of the Ghana, Nana Addo Dankwa Akufo-Addo and the former President of Niger and AfCFTA Champion H.E. Issofou Mohamadou.

Speaking on the theme, “Moving from Ambition to Action: The Role of Telecommunications in Deepening In-

tra-African Trade, Challenges and Opportunity,” Ralph Mupita said, “The regulatory frameworks for Africa’s telecommunications industry do not re ect our current advancement. They are still positioned for the era of voice. As the world continues to undergo major digital transformation and disruption, our regulatory frameworks need to evolve to re ect these technological advancements”.

Mr. Mupita underscored the need for intense investment by all stakeholders to achieve universal broadband coverage on the African continent. He said, “Achieving universal broadband coverage on the continent and building digital solutions for Africa’s progress requires a lot of investment not only in terms of digital infra-

structure across regions but modernization of our policies and frameworks as well as the collective e ort of all stakeholders”.

He further said, “As telecommunications globally sees rapid technological advancements, the continent needs to work towards having a robust regulatory framework which is relevant for the times and is future t.

In line with this, there is also a need for fair share contribution from all ecosystem participants especially the private sector in terms of building and investing in infrastructure. He said this requires a fair share contribution by both local and international players including mobile network operators and OTTs”.

The President and CEO of MTN Group also indicated that given

Dr Asante, the CEO of Ghana Gas, said the project would enable it to become a fully integrated gas services company and provide reliable supply of gas and gas derivatives in Ghana and West African Sub-region. It would further ful ll the Company’s vision of supplying gas in a cost-e ective and environmentally friendly manner, he said.

The new plant, upon coming on stream, he said, would improve the output of liquids processed from natural gas to 80 per cent, compared to the existing facility, which produced between 40 and 50 per cent of gas liquids.

Dr Asante added that the plant would help the nation to generate more megawatts of electricity and ultimately resolve the perennial

Dr Hilton John Mitchell, who spoke on behalf of the joint venture partners, expressed the Consortium’s commitment to work collaboratively with the GNGC to deliver the gas processing plant on schedule and in a cost-e ective manner.

The Ghana National Gas Company was established in July 2011 as a limited liability company with the responsibility to build, own and operate natural gas infrastructure required for gathering, processing, transportation and marketing of gas.

Source: GNA

COVID-19 pandemic, e ects of the Ukraine war, rising cost of food and fuel prices, in ation amongst others - Africa would need $100 billion capital investment to be able to remain eligible to provide universal broadband for all Africans.

According to report by the World Bank: The Broadband for all Working Group, across Africa, where less than a third of the population has access to broadband connectivity, achieving universal a ordable and good quality internet access by 2023 will require an investment of about $100 billion.

The Africa Prosperity Dialogues is organized by the Africa Pros-

achieving deeper economic inte gration between African states in outlining its industrialisation priorities. The Summit amongst other things discussed policies that will ensure the successful implementation of the Africa Continental Free Trade Area (AfCFTA).

The event brought together many Government and business leaders including the Minister of Finance Ken Ofori-Atta and the CEO of the Ghana Investment Promotion Center (GIPC) Mr Yo Grant. MTN Group Senior Vice President for Emerging Markets Ebenezer Twum Asante, MTN Group Chief Sustainability & Corporate A airs O cer Nompilo Morafo and the CEO of MTN Ghana Selorm Adadevoh were also in attendance.

eTranzact wins ‘Leading Fintech Solution Provider’ in Ghana

eTranzact Ghana Limited, a nancial technology entity, has been adjudged the Leading Fintech Solution Provider of the Year, 2022, at the second edition of the ‘Ghana Fintech Awards’, held in Accra. The brand further consolidated its leadership position in Ghana’s Fintech Industry by winning the Fintech & Bank Partnership of the Year, and the Fintech Innovation Company of the Year.

The awards were in recognition of the company’s work and commitment to ensure excellent service delivery across the business eco-system in the country as well as continuous investment in infrastructure and a renewed focus on customer experience.

Executive Director of eTranzact, George Babafemi, in his address on receiving the award, expressed his gratitude to the organisers for the recognition of

the hard work and commitment made by the company over the years toward universal nancial inclusion and transformation of the business ecosystem. He said, “as pioneers in the ntech industry, providing bespoke electronic and convenient payment solutions is the rm’s greatest asset.

As a company, we thrive in ensuring we provide to customers

secure, convenient, and cost-effective means of receiving or making payment, buying airtime or bundle as well as paying bills, at the comfort of their homes and provide tailor-made solutions to suit an organization or individual’s electronic need. This is a great feat for eTranzact, and we are extremely thankful to our customers and colleague workers for giving us a reason to still be in business after all these

years. Indeed, being recognised by your peers is a great honour,” Babafemi added.

Chief Executive O cer, eTranzact Ghana, John Apea, also commenting on the award said: “We dedicate these awards to our customers, clients, partners, and sta for their un inching support and commitment to eTranzact. We will continue to work hard to provide relevant digital platforms that are cutting-edge, secure, and

Zimbabwe working towards its own food security

For a while now, Zimbabwe seems to be one of the few African countries working seriously towards its food security. While most African goverments, even in spite of the persistent geopolitical warring situation, still prefer spending their budget on importing grains and wheat from Russia and Ukraine. In a sharp contrast, Zimbabwe concentrates on supporting its local farmers with the primary aim of increasing signi cantly its agricultural production.

Our research shows that Zimbabwe has recorded its highest wheat harvest last agricultural production year. According to Agricultural and Rural Development Advisory Services, Zimbabwe emerges as one of the few African countries which have adopted an import substitution agricultural policy and strategically working for self-su ciency.

On January 30, Belarusian President Alexander Lukashenko, paid a working visit to hand over in a special ceremony Belarusian agricultural vehicles, tractors and equipment to President Emmerson Mnangagwa in Harare, Zimbabwe.

"First of all, I want to thank the Americans and the entire Western world for having imposed sanctions against us. Otherwise, American and German tractors would have come instead of Belarusian ones to this huge eld," Lukashenko said.

On this view, Zimbabwe is an African country that has been under Western sanctions for 25 years, hindering imports of much-needed machinery and other inputs from driving agriculture. The Belarusian leader noted that in Zimbabwe there are the friends of Belarus, with whom Minsk is building coop-

eration for the sake of achiev ing the common good.

Some experts and internation al organizations have also ex pressed the fact that African leaders have to adopt import substitution mechanisms and use their nancial resources to strengthen agricultural pro duction systems.

Establishing food security is important for millions of people facing hunger in Africa and is crucial for sustainable economic development and the long-term prosperity of the continent. Addressing food security, therefore, is a primary key for a rising Zim babwe.

After years of negotiations, Zimbabwe nally recieved its US$58 million farm mechani zation facility from Belarus, while another deal worth US$100 million signed, according reports from the Zimbabwe's presidency in Harare.

Zimbabwe and Belarus agreed on assembling 3000 tractors, agreed on the supply to Zimbabwe di erent kinds of machinery and equipment made in Belarus for agriculture and timber industry. Both have further agreed to establish a mechanization programme for the farming and timber industries.

It provides for over 800 units of equipment to be delivered in two batches. These include among others: 60 self-propelled grain harvesters, 210 precision seed drills, 474 tractors of di erent power capacities, fth wheel trucks with semi-trailers for transportation of heavy equipment and four dump trucks.

The agreement makes provision for other equipment such as six semi-trailers with hydraulic manipulator for transportation of construction machinery, 10 drop-side trucks, re ghting equipment critical

in forest business, cities and other communities and emergency rescue operations. The equipment also includes 30 motorcycles and a complete set of spare parts for every type of machinery and equipment delivered.

Zimbabwe has been looking foreign partners from other countries to transfer technology and industrialize its ailing economy. The report said that the Government had launched a similar facility from a U.S. company, John Deere, estimated at US$50 million intended to boost agricultural production. Negotiations are also underway with Chinese manufacturers to set up bus assembling plants locally after government recently procured buses from the Asian country.

Zimbabwe and Belarus ocials noted that the unique relationship would help in technical skills transfer and transform agricultural sector in Zimbabwe. "The implementation of the project involves an

By Kestér Kenn Klomegâh

approach that includes not

only full responsibility regarding warranty and service support, provision of spare parts, training of local specialists, but also providing advanced technologies, comprehensive decisions and solutions in agriculture for every agricultural period from cultivation, seeding, irrigation, planting to crop harvesting," according to the report from the Zimbabwe's Ministry of Agriculture.

In addition to the statement, the Belarus cooperation deal and the commissioned John Deere project for the supply of agriculture mechanization equipment were a culmination of the re-engagement policy of President Emmerson Mnangagwa. The principle for re-engagement and engagement is open to all the countries in the world. Zimbabwe is ready to cooperate in business with external countries and for the bene t of the people. President Mnangagwa has reiterat-

ed that Zimbabwe is open for business.

Mnangagwa's previous working visits to Minsk has helped to break barriers that have impeded progress in its economic diplomacy and to seek an increased business cooperation with Belarus, an ex-Soviet republic and a member of the Eurasian Economic Union. The member of the Eurasian Economic Union are Armenia, Belarus, Kazakhstan and Russia. Zimbabwe is a landlocked country in southern Africa. Mineral exports, gold, agriculture, and tourism are the main foreign currency earners of this country. The mining sector remains very lucrative. Its commercial farming sector is traditionally another source of exports and foreign exchange. In southern African region, it is the biggest trading partner of South Africa. Zimbabwe is one of the members of the Southern African Development Community (SADC).

300-bed accommodation facility named after Joseph Siaw Agyepong commissioned

President Nana Addo Dankwa

Akufo-Addo has commissioned a 300-bed accommodation facility for young soldiers at the 37 Mili tary Hospital.

The facility, christened Joseph Siaw Agyepong Young Soldiers’ Block, was nanced and built by the Jospong Group of Companies (JGC).

Commissioning the facility at a colourful ceremony on Wednesday, February 1, 2023, President Akufo-Addo reiterated his government’s commitment to provide decent accommodation facilities for the Ghana Armed Forces (GAF).

For that reason, he stated that the edi ce built at the 37 Military Hospital is named the Joseph Siaw Agyepong Young Soldiers’ Block, after the Executive Chairman and Founder of the Jospong Group of Companies, Dr Joseph Siaw Agyepong.

According to the President, the project forms part of the Phase 1 and 2 Barracks Regeneration and the Military Housing Projects in

was accommodation, and therefore, appealed for assistance.

“Mr. President, since you assumed o ce, you have paid much attention to our accommodation issues. You started with the cutting of a sod in May 2017, for the Barrack Regeneration Project which saw the construction of 112 units of 2-bedroom ats at the Daula Barracks and 6 Garrison in Tamale,” he stated.

“Furthermore, you initiated the Military Housing Project which saw a monumental increase to the accommodation stock of the Ghana Armed Forces,” said Mr Nitiwul.

In a brief remark, the Executive Chairman of the JGC, Dr Siaw Agyepong, expressed his profound gratitude to the Mili-

tary High Command for the opportunity to support a worthy

He indicated that his group sees the gesture as an opportunity to contribute their quota through its Corporate Social Responsibility (CSR) to an institution as important as the Ghana Army.

“The contribution of the military to the socio-economic development of Ghana cannot be overemphasised and so it is any institution that is linked to their health and wellbeing.

…This is why any contribution to support the smooth running of their major health facility–37 Military Hospital—will not be overlooked by the JOSPONG GROUP OF COMPANIES,” he averred.

The JGC in a bid to give back to society, he explained, supports institutions whose mission resonates with the corporate mission of JGC as the company’s corporate mission is contributing to saving lives in the society.

According to Dr Siaw Agyepong, his out t has enjoyed a good collaboration with the Armed Forces as their drivers and Ecozoil sta members have bene tted from the rich expertise from various outlets of the GAF.

“This is indeed my personal admiration for the military for the mark of discipline, professionalism and excellence,” he underscored.

“I am inspired by what I am witnessing here today and this has further re-inforced the company’s resolve to continue to contribute our widow’s might to the 37 Military Hospital in other areas of interest which they wish to embark on,” Dr Siaw Agyepong assured.

Earlier, in a welcome address the Chief of Defense Sta (CDS) of the Ghana Armed Forces, Vice Admiral Seth Amoama, noted that the 37 Military Hospital being the biggest in the Ghana Armed

Forces is confronted with dire accommodation chal lenges for soldiers within the hospital.

Though he was elated about the increasing number of young soldiers and its positive impact on the services he providing accommodation for them was a huge challenge.

In view of the above, in 2016, he recounted that the then Commander, Brigadier General Ralph Ametepi, with the approval from the General Headquarters, initiated the construction of a 300-capacity young soldiers' accommodation project from the internally generated funds, but bemoaned that the project stalled at 50% in 2018.

According to him, it was against this backdrop that the Chief of Defense Sta in 2021 appealed to the Jospong Group of Companies to assist the project through its corporate social responsibility.

How to transform African agriculture

By Safia Boly and Omid Kassiri

The COVID-19 pandemic, com pounded by supply-chain dis ruptions and surging in ation, has highlighted the fragilities of Africa’s food systems, leading to a 60% increase in hunger across the continent in 2020 alone. And climate change, which is expected to degrade freshwater ecosystems and arable lands, rendering vast areas of Africa uninhabitable, will only make things worse.

While the pandemic and the war in Ukraine have exacerbated global food insecurity, throwing millions into extreme poverty and reversing decades of progress, the situation is even more dire in lower-income African countries.

The continent’s population has reached 1.4 billion and could double by 2050, while agricultural productivity, despite improvement, remains signi cantly below global benchmarks. This has forced governments to rely more on food imports, pushing up prices.

But there are some bright

productivity by de ning a vision for their domestic industries, bringing together public and private stakeholders, building the necessary infrastructure, and engaging in continuous learning and adaptation. As a result, these countries have increased agricultural output, improved food security, raised farmers’ incomes, and strengthened local food systems’ resilience to external shocks.

Consider Ethiopia, where domestic yields have increased by 76%, and total food production has risen by 50%, since the establishment of its Agricultural Transformation Agency in 2010. According to ATA estimates, agricultural reforms have saved 150,000 people from starving to death, reduced the number of undernourished Ethiopians by 11.5 million, and lifted roughly 286,000 people out of poverty.

Similarly, Morocco’s Plan Maroc Vert (Green Morocco

economic growth, has revitalized the agriculture sector. The Agricultural Development Agency, set up to support the plan’s implementation, estimates that agricultural GDP grew 5.25% a year from 2008-18, faster than the economy as a whole (3.8%). This resulted in a 117% rise in agricultural exports and 342,000 new jobs. Watershed management has also improved, with drip-irrigation systems quadrupling to 542,000 hectares. Since 2004, Rwanda has been developing and implementing its Strategic Plan for the Transformation of Agriculture (PSTA). The International Food Policy Research Institute estimates that every dollar that the government spends on agriculture corresponds to a $2.05 gain in GDP, implying that the program delivered $730 million in economic gains between 2018 and 2021, helping to lift 1.1 million people out of poverty. Rwan-

da’s Strategic Plan has also improved watershed management What these three countries have in common is a deep understanding of the challenges ahead, a clear vision for meeting them, and a strong commitment to developing the e ective governance mechanisms needed to implement solutions. Building on these examples, we have identi ed four key principles that could help other African countries successfully transform their own agriculture sectors. For starters, consistent planning is critical. Governments must establish clear mandates, spell out their priorities, align policies, and mobilize resources. In Rwanda, the PSTA’s mandate was to use market-led growth to overhaul the country’s largely subsistence-based agriculture. In preparing the latest version of its plan, known as PSTA 4, the government worked with development partners to devise a forward-looking strategy that aligned with Rwanda’s commitments under the African Union’s Malabo Declaration and the United Nations Sustainable Development Goals. PSTA 4 focuses on encouraging private-sector investment and shifting to higher-value agricultural commodities to increase pro ts and capture productivity gains, in line with the vision that the Rwandan government set out nearly 20 years ago.

Second, to ensure that projects are sustainable over the longer term, policymakers must secure the backing of top political leaders, relevant local governments, and other stakeholders such as development partners and civil-society groups. In Ethiopia, then-Prime Minister Meles Zenawi publicly backed the es-

tablishment of the ATA. Subsequent governments have continued to support the plan, even giving the ATA priority access to scarce hard currency to fund imports.

Third, by structuring agricultural plans around a t-for-purpose organization, governments could create a governance structure that enables skilled sta to work with all stakeholders in leading the transformation e ort. The ATA, for example, combines local and international expertise and coordinates with ministries responsible for land, water, agriculture, and industry to develop and implement policy. Lastly, a results-oriented implementation process could lead to better outcomes. By developing a deep knowledge base of the agricultural sector and then adapting as new data emerge, governments can identify quick wins and programs with high potential for expansion. Morocco, for example, devised specific plans for 16 regions and a roadmap setting out more than 700 projects. To track progress, o cials monitored speci c performance indicators such as yield and productivity for livestock, poultry, and other sectors.

Africa, of course, is incredibly diverse. Its countries vary in language, geography, population size, political systems, and economic policies, ruling out a one-size- ts-all approach. But Ethiopia, Morocco, and Rwanda, though very di erent from one another, have managed to improve food security and economic well-being by adhering to the four principles set out here. Their success shows that a sustainable, climate-resilient continent is not only possible but well within reach.

ECA affirms support for Ethiopia’s trade policy agenda

The Economic Commission for Africa - a think tank with specialist expertise in African and international trade policy - has recommitted to helping Ethiopia’s trade policy agenda that aims to foster industrialization and sustained economic growth.

Although Ethiopia remained outside the regional and global trading regimes for a long time, this is now changing. Not only has Ethiopia rati ed the Agreement Establishing the African Continental Free Trade Area (AfCFTA), it is also negotiating its accession to the World Trade Organisation (WTO).

However, neither the negotiations to join the WTO, nor the e orts to implement the AfCFTA Agreement has been smooth sailing.

The political decision to change course and put Ethiopia at the trade policy decision making table has yet to be fully translated into a technical capacity to translate this political will to concrete outcome

“The political resolve to be part of these regional and global trade regimes is clearly there, but it has not been matched by the technical capacity to translate this political will to concrete outcome,” ECA Director, Regional Integration and Trade Division, Mr. Stephen Karingi, said at a Roundtable on Multi-partner Support on Trade Policy to Ethiopia organized on the 24th of January by the British Embassy in Addis Ababa in collaboration with ECA.

Mr. Karingi con rmed ECA’s readiness to work with all the partners to support the Gov-

ernment of Ethiopia and the Ethiopian private sector realize the country’s trade policy priorities at the national, bilateral, regional, continental and global levels.

The ECA has supported Ethiopia in trade policy development and conducted the rst of its kind analysis on the economic impact of the country’s participation in the AfCFTA.

Furthermore, the ECA has supported training programmes organized for leaders and senior sta of the Ethiopian Chamber of Commerce and Sectoral Associations and the Addis Ababa Chamber of Commerce. Recently, ECA commissioned the translation of the text of the AfCFTA Agreement into Amharic to make it closer to the people.

Opening the round table, Ethiopia’s State Minister for Trade

Integration and Export Promotion, Mr. Kassahun Gofe, said advancing the WTO and AfCFTA engagement were a key tool to consolidate the domestic economic reforms achieved so far.

“In regards to the AfCFTA, it opens a new era of trade governance in Africa, and it must be viewed as an opportunity to implement necessary structural reforms in African countries,” he observed.

President of Ethiopian Chamber of Commerce and Sectoral Associations (ECCSA), Mr.Melaku Ezezew, welcomed the roundtable meeting as most opportune after a lull in action since Ethiopia rati ed the AfCFTA.

Mr. Melaku Ezezew, President of Ethiopian Chamber of Commerce and Sectoral Associations (ECCSA), citing the failure of

the UK has long been a champion of the liberal, open, and rules-based international trading system which dovetails with Ethiopia’s own vision for its future as articulated in its Home-Grown Economic Reform programme.

“We rmly believe that Ethiopia’s future is in the AfCFTA and the WTO,” Mr. Walters said, a rming UK’s commitment to assisting Ethiopia build trade policy capacity and foster private and public sector engagement in trade policy development.

Evidence suggests that Ethiopia’s membership of the WTO and meaningful trading under the AfCFTA will increase economic growth, forex-generating exports, FDI and create jobs. Furthermore, this will also enhance the transparency and predictability of its business environment as Ethiopia conforms to international standards on issues like investor protection and customs processes.

Enabling your employees for high performance

George Ezenwa is the Director of an academic institution. He is feeling so sad about the performance of his employees. He really doesn't know what else to do that will work. But he truly desires better performance from his employees. Having asked for my services I decided to help. First, I decided to meet with the management team, had a chat with them. Then I proceeded to the other teachers and employees, I asked them several questions. Those questions revealed the intelligence of George's employees. Moreso, it also revealed the missing ingredient in George's work with his employees.

George had been a command-and-control type of leader and did not understand how to enable his employees for high performance. He style was to issue out orders and instructions to be carried out by his workers.

Unknown to him with his approach he shut down the initiative and creative ability of his workers. Every business leader needs to understand that his/her employees need his/her support to achieve higher levels of e ectiveness. Here are a few thoughts to help you drive high performance in your organization: - O er Performance Feedback That Inspires Your People to Improve Most performance feedbacks leave employees dejected, demotivated and emotionally disconnected

from the organizational goals. In research conducted by Gallup, only "26%of employees strongly agree that the feedback they receive helps them do their work better."

You know, there are three levels of engagement every leader would likely get from his team members and each level comes with a di erent response: Commitment or cooperation: At this level workers are engaged; excited to get work done, taking responsibility, using their initiatives and actively participating in achieving organizational goals and objectives.

You will always nd workers at this level creative and innovative. Compliant: At this level, workers simply do what is required of them as long as you are supervising them or o ering incentives and perks. But they might slack if you take your eyes away from them or withhold the incentive and perks unless for fear of being red or some other punishment.

The down side is that they can't o er their best; they rarely innovative or take responsibility for the work do.

Complacent: they are unconcerned, disengaged. Could even resent you and as well inhibit productive activities in your organization.

They could also, in uence other workers to take their way. You achieve performance feedback that help your people to improve, that gives you commitment level of engagement by functioning as a coach and not a boss. - Provide Them with

The Right Tools, Equipment and Resources to Work within a certain organization I consulted for, the manager told me that she's given assignments in the organization that she has to use her personal money to accomplish not because the organization is running short of nance. Now, this demotivates employees. Why should your employees or team members struggle with their machines in trying to get the work done, not having su cient resources. Part of the support and enablement you give them is to provide them with su cient and state-of-the-art equipment for the work they have to do. This way they stand a better chance to produce the results you want. Of course, I also understand that an organization might be dealing with challenging situations and could be unable to su ciently provide certain resources or equipment required for her workers to produce desire result, yet in such situations your people should be clearly made to understand the situation. You have to let them know that as soon as the situation improves a change will be a ected. And more importantly, let them know what you're doing to improve the situation and ask for their cooperation to improve the situation. - Communicate frequently with them. I often tell business leaders/managers that when they communicate with their employees or team members three things are important: alignment,

plainness and respect.

Alignment: You have to ensure you don't say one thing today and another tomorrow. Don't make a promise to your employees and when they expect you to ful ll it you tell them it's a management slip of tongue. When a leader acts this way, he's shooting himself on the leg because he'll loose the trust and commitment of his employees or team members. When can't meet up with your promise ensure you let your people know the di culty you're facing, apologise and ask for their forgiveness. This will strengthen the trust they have in you. Respect: Let your words show that you respect and value your employees or team members. If you don't, they'll become demotivated and you'll loose their commitment. Your team members want to know that you value their contributions in accomplishing the organization's goals. It's part of the ways you support them.

Plainness: Ensure it's clear enough and easy for them to know what you want - your expectations. According to Gallup, "50% of employees clearly know what is expected of them at work." In another organization I consulted for, I noticed that the supervisors we're nding it di cult to understand exactly what their leader wanted. And it was emotionally troubling for them. At a point they lost their con -

dence in getting the work done because they didn't know what to do that will appeal to their leader. More importantly, you have to learn to listen to your employees. They know a lot that you're not taking advantage of to move the organization forward. Get them to talk to you while you listen. They truly would want to help with ideas and strategies.

Not like a certain organization where management announced a new program welcoming suggestions from employees. Then a machine operator went to his supervisor to suggest a way to improve the work process on his line. The supervisor said, “I don’t pay you to think; I pay you to work. So, tomorrow morning when you come in, just leave that big brain of yours in your car." The operator answered, “I can’t sir. I drive a compact car.” And he never offered another idea to the supervisor. His motivation was turned o . You want approach things in way that will help achieve high performance with your people. Godswill

O. Erondu is the pioneer, Africa Workplace Leadership Summit. A leadership expert that works with organizations - private and publicto transform their leadership and culture in order to achieve superior performance and increased productivity

4 methods for meeting customers at their pain points instead of just selling

with your brand and build a loyal relationship that will see their customer lifetime value grow. This is a lot more di cult and requires expertise in these spaces." concludes Haumann

Enhance the user experience

Every business is founded to solve a customer problem, and the vast majority of products and services are designed to alleviate a speci c customer pain point. But it is still important to let each customer know how their speci c problems are being solved.

One of the best ways to build brand credibility is to understand a customer's journey and build long-term relationships with them. In this article, we ask industry professionals how they meet the needs of their customers.

Build engagement with customers

It’s no secret that we live in a time of unprecedented technological acceleration. Nowhere is that more true than in the customer experience space. Things that ten years ago seemed completely impossible are now commonplace

and almost expected.

"Many organisations want to make changes in line with accelerations in technology and customer experiences, but the range of options available out there stops them from even starting, or worse, they settle for an option that they deem to be "good enough," comments Brent Haumann, Managing Director at digital communications rm,

Importantly, however, is that as technology accelerates, so do customer expectations, and what was considered good enough yesterday is not good enough for tomorrow. It is critical that organisations aim to meet and even exceed these expectations, because if they don't, their competitors will happily oblige.

"The problem is that engaging customers is not about sending an email or introducing a chatbot." Anyone can do that. It's about how to get your customers to actually engage

While the use of technology to streamline customer-facing processes is an integral part of SME growth, the user experience of such technology can often become a pain point for the business if the right tool is not chosen. "While SMEs need technology to reduce manual tasks and automate repetitive processes, complicated software packages and platforms can be more of a hindrance than a help. "In fact, as many as 70% of startups fail within the rst ve years, according to research from the University of the Western Cape, because they don’t have the technical support they need to get the basics done," says Andrew Bourne, Regional Manager, Africa - Zoho Corporation.

Integrated, seamless solutions need to meet the needs of the user, regardless of the scale of the business. This means having a full-featured Customer Relationship Management (CRM) system that will improve the user experience and enhance customer service.

Provide access across borders

It’s no secret that mobile money has revolutionised the nancial services

industry, allowing individuals to transact within and across borders - opening up a world of possibility for small business owners on the continent. However, consumer pain points such as a lack of access to nancial services, high transaction costs, and regulatory requirements still hurt interoperability and the cross-border payments innovations that are key for scaling access across Africa.

Remittances, as an example, are important to African countries, but the cost of intra-African money transfers still remains high. In South Africa, the average cost of sending remittances was 8.14% in 2020 as against the global average remittance fee of 6.01%. Not only are billions lost to high transaction costs, but they also limit nancial inclusion and aid to the vulnerable.

MFS Africa has been driving the next step in this revolution, addressing this pain point by bringing more possibilities, more connections and more interoperability to the mobile money user. The organisation's full-service digital payments network now connects over 400 million mobile money wallets, over 200 million bank accounts and over 150,000 agents in Nigeria.

Harness technology to enhance the experience

“Solving the customer’s pain point is the foundation of a great customer experience. And experience is everything. We know that more consumers and business buyers are noting that the experience companies o er matters as much as their products.” says Zuko Mdwaba, Area Vice President Salesforce South Africa

This is all about meeting the customer where they are. Today, customers’ use of social media, knowledge bases, and live chat is near parity with phone and email. With the decline of in-person service since 2020 showing little sign of recovery, the use of mobile apps, online communities, and video support have seen massive expansion over the past two years.

Mdwaba continues that “Given the rising importance of digital channels, strengthening partnerships between service and IT departments is often key to breaking down data silos, saving on software cost, agent empowerment and resulting in faster time-to-market for new technology solutions.”

By investing in advanced technology, organisations can address customer pain points e ectively to achieve greater customer satisfaction, which ultimately boosts engagement and revenue.

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See the list of the richest people in Africa in 2023

Nigerian industrialist Aliko Dangote, whose fortune dropped $400 million to $13.5 billion over the past year has emerged as the richest person in Africa for the 12th year in a row.

South African luxury goods magnate Johann Rupert place second in consecutive years, despite falling $300 million to $10.7 billion while Metals and Mining magnate Nicky

Oppenheimer and his family placed third with $8.4 billion.

This was contained in Forbes Magazine's newly released 2023 list of Africa’s billionaires.

Per the list, Africa’s wealthiest people shed a combined $3.1 billion in the past 12 months.

As a group, the continent’s

19 billionaires are worth an estimated $81.5 billion –down from $84.9 billion a year ago, despite one more billionaire in the ranks. The 4% dip follows a 15% jump last year on the back of soaring stock prices across the region. These tycoons’ fortunes faded in sync with equity values around the world, with the S&P All Africa

index dropping more than 20% in the rst nine months of 2022, before starting a late-year rally that left the index down just 3% through January 13, the day Forbes locked in stock prices and exchange rates for the list. Billionaires from just seven of Africa’s 54 countries made the ranks.