Investment Times Newspaper 2023 Edition | Issue 35

IPPs reject US$$1.3bn government debt restructuring proposal

Independent Power Producers (IPPs) have rejected any idea of re structuring arrears of its members as part of the ongoing or any future debt restructuring programme. In a letter to the Finance Minister, Ken Ofori-Atta, it said its members are rather prepared to engage with the government on payment schedules with regard to the arrears and other claims under the respective Power Agreements (PAs), in order to promote predictability of payment ows.

The government is said to owe the IPPs more than $1.4 billion dollars as of February 2023.

The IPPs advised the government to prioritize and make payments of the arrears in the next three weeks to enable its members meet their debt obligations and sustain the production of electricity.

“We emphasise that our members reject any notion of restructuring their arrears/claims as part of the ongoing or any future debt restructuring program. Our members are prepared to engage with government on payment schedules with regard to the arrears and other claims under the respective PAs, in order to promote predictability of

Parliament proposes

Ad hoc Committee to

reconcile arrears owed DACF

…as it approves GHc4.5bn for fund

Aluminium smelter could millionsgenerate for government, expert says

By Eugene Davies

Huawei furnishes Christina Akua Brago Library with ultramodern video conferencing equipment

culture and royalty to the UK Vodafone and Metro Mass Transit partner to launch vehicle-tracker project

comes as part of the company’s e ort in promoting digital literacy and ensuring that no one is left behind in the digitalization drive.

“For many years, Huawei has been at the forefront of technological innovation and is passionate about leveraging technology to improve people's lives. It is in this regard that Huawei donated an intelligent

video conferencing equipment and supported in the establishment to this facility, in a bid to ensure that, the people of Akua Brago are not left out in the digital journey.”

“As the world is on a digital quest to advance and transform societies, we believe that technology should be available and accessible to all. Huawei is proud to be part of

IPPs reject US$$1.3bn government debt restructuring proposal

payment ows, while the energy sector reforms take hold to eliminate any accumulation of arrears going forward. We would like to advise that you prioritise and make payments of the arrears in the next three weeks to enable our members meet their debt obligations and sustain our production of According to them, the outstanding and overdue receivables from the Electricity Company of Ghana have reached a critical point, for which they cannot guarantee continuous generation in the coming months.

“As indicated in your letter, our outstanding and overdue receivables from the Electricity Company of Ghana (ECG) have reached a critical point, for which we cannot guarantee continuous generation in the coming months.

As of January 31, 2023, our members’ total receivables accrued is over the cedi equivalent of $1.3 billion. Nonetheless, our members in good faith have continued to honor their contractual obligations to ECG, which is not sustainable”.

It added “we herein bring to your attention that some of our members are in default of their debt service obligations with some quarterly debt service obligations due from March 2023. Kindly

note that our members cannot continue defaulting on their respective debt service obligations and sustain operations. Additionally, we wish to highlight that our members have accrued huge arrears with their suppliers for which they are already in default and accruing associated penalties”.

It also described the Cash Waterfall Mechanism (CWM) which was meant to bring transparency and fairness in the disbursement of the power sector revenue as a failure, saying, most of the committee members are from the State-Owned Enterprises.

“The CWM committee is dominated by the representatives of the State-Owned Enterprises (SOEs),

VRA, ECG, and GRIDCo, rejecting our proposal for IPs to be represented on the committee. The only information members receive are the bank credit alerts even though they are key stakeholders controlling over 50% of the market share. While we welcome the indication in your letter that review of the CWM will be part of the critical energy sector reforms, we emphasise that above-stated issues of transparency and governance of the CWM must be part of the agreed reforms and the Chamber duly represented on the CWM committee”.

Parliament proposes Ad hoc Committee to reconcile arrears owed DACF

…as it approves GHc4.5bn for fund

releases to the DACF for the year 2019 to 2022. It was therefore recommended that an Ad hoc Committee made up of the leadership and members of the committee on Local Government and Rural Development meet with o cials of DACF, Controller and Accountant General’s Department and Ministry of Finance to reconcile the arrears owed to the Fund.”

Buildings, and Construction of Courts/Residential Buildings.

Earmarked Projects

The report also reveals that the DACF has allocated an amount of GHc160m in support of the construction, renovation and completion of MMDA o ces, Head O ce of the Births and Death Registry as well as court buildings and bungalows for the Judiciary.

ment

Shortfall in Arrears

The Committee was informed that the O ce of the District Assembly Common Fund is owed an amount of GHc6.4bn as a result of non-release of allocations for the years 2019 to 2022. The Committee noted that an amount of GHc1bn and GHc1.5bn representing a shortfall in Common Fund releases for 2020 and 2021 respectively is owed to the Fund.

Parliament has recommended an Ad hoc Committee to reconcile arrears owed the District Assemblies Common Fund (DACF).

This was contained in the report of the Committee of the Whole on the proposed formula for the distribution of the District Assemblies Common Fund for 2023.

Parliament before it adjourned on the wee hours of Saturday approved an amount of GHc4.5bn as the Proposed Formula for the Distribution of the District Assemblies Common Fund for 2023.

The report noted “The Committee of the Whole observed inconsistencies in the

According to the report, an amount of Ghc379m has been allocated for institutional support with 113.85m to cater for National Youth Programme.

An amount of GHc668.62m has been allocated towards National Projects, the allocation comprises; Education Policy Programmes, Special Projects, National Sanitation Support, Construction/Renovation of MMDAs and Other

The DACF will also complete the construction of the Local Government Service Training School at Akomadan and the Institute of Local Government Studies at Madina and Tamale in 2023.

It is envisaged that the DACF would in the near future assist Parliament to construct a 50-bed hospital to cater for the health needs of Members and Sta of Parlia-

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

It was again noted that out of the allocation of GHc3.3bn earmarked for the Fund for the year 2022, the Ministry of Finance has released an amount of GHc1.17bn. However, out of the amount only a paltry sum of GHc300m has been paid to the O ce of the District Assemblies Common Fund by the Controller and Accountant General’s Department.

Aluminium smelter could generate millions for government, expert says

in place, it is expected to attract enormous investment into the sector and by 2035 will achieve much higher targets, Mr. Abudu noted.

Investments needed

bene ts will also come in that form and import replacement.

At the moment, we import signicant proportions, so Ghana imports most of these items and replacing them will be very valuable for the country.”

For Mr. Abudu, investments are needed especially in the downstream sector, saying “yes we have done something, the rst one has to do with potential revenue, so if we invest x amount, what potential revenue can we get, or if we subsidise smelting or cost of power what potential can we get and to that e ect we are looking at the range of about half a million dollars if we provide some kind of sub-

sidy and the prices of aluminium are higher and are above 1,900 per tonne.

He was speaking with journalists on the margins of a two-day downstream aluminium industry workshop at the Royal Senchi Hotel under the auspices of GIADEC together with its partner, ODI, independent global a airs think tank, formerly known as the Overseas Development Institute. The bene ts range from about

US$200m to half a million dollars(U$500m) in terms of value chain, that is only for the smelting but not the entire value chain.”he explained.

Ghana has a roadmap which spans from now till 2025, with sectored targets, which seeks to achieve an energy deal that will subsidize the power cost for the sector and have a competitive cost structure and by 2030 once all these foundation policies are

Further he stated “we need investments but the reason power is important is because it makes about 32percent of the cost of production, alumina which is a key input is more expensive but the thing with alumina is that everyone buys it at the global market price so you have no control, what you have got control is the cost of power, you can vary that, the cost of primary aluminium is cheap and that is what is supplied to the downstream and once they have a cheap input then you can have incentive structure -once I have got a cheaper input coming in, I have the incentive to be able to rope in more investments because that will mean my returns are much higher.”

On what ODI has done in terms of job creation in the downstream sector, he said “we have done some quantitative analysis and we looking at a bare minimum of about 20,000 jobs generated if it comes into fruition, we also have bene ts in export – so these are exports in terms of higher value added to downstream products so like nished products; aluminium doors, cables, sinks and the

Valco is the second largest smelter in Sub-Saharan Africa and is a major producer of primary aluminium. Today, the company produces approximately 50,000 tonnes of aluminium per annum out of its installed capacity of 200,000 tonnes per annum.

Currently, the company is 100percent owned by GIADEC. As the only existing smelter in the country, Valco is integral to the development of the Integrated Aluminium Industry in Ghana. Under Project 4, GIADEC seeks to partner a strategic investor to upgrade the plant’s equipment and technology to improve e ciency and increase its capacity to 300,000 tonnes per annum.

The VALCO smelter is currently running on two out of its ve potlines and producing about 50,000 tonnes of primary aluminium per year, out of its installed capacity of 200,000 tonnes. The other 3 potlines have been shut down, and beyond repairs due to lack of maintenance and repairs over the years. VALCO has the capacity for direct employment of over 1,200 Ghanaians but currently employs 705 Ghanaians.

Huawei furnishes Christina Akua Brago Library with ultramodern video conferencing equipment

this incredible initiative aimed at empowering individuals, especially the youth, to unlock their full potential.” He said.

The Vice President of Ghana, H.E. Dr Mahamudu Bawumia, during the commissioning of the facility said the library was built to enhance the digital skills of children in the community. The initiative according to him was made possible with the collective e ort of partners like GIFEC, Ghana Library Authority, MTN and Huawei.

“The prosperity of a nation is dependent on education hence the Government of Ghana’s focus on improving access to education through policies like Free SHS and Free Technical Vocational education”, he stated.

The Minister of Communications and Digitalization, Ursula Owusu-Ekuful, also revealed that the library has been equipped with a robotics lab to help improve the analytical skills of children at Akim Oda. She encouraged the users of the facility to take advantage of the opportunity and enhance their robotics skills.

The Minister lauded Huawei’s contribution to the establishment of the facility. According to her, the donation of the Huawei Idea Hub makes the Christiana Akua Brago Library and Technology Hub, “the rst library in Ghana to be equipped with an intelligent AI driven video conferencing facility.”

Uk-Africa Heritage Conference set to bring culture and royalty to the UK

in global commodity prices and regulations.

Thus, the UK African Heritage Conference seeks to increase trade, support and create investment and business opportunities between the UK and Africa to help these businesses. The conference will provide a forum to discuss entrepreneurship, banking, nance, infrastructure development, healthcare, education, energy, Agri-tech, legal services, pharmaceuticals, ICT, Agriculture and many more with the aim of strengthening relations between continents and helping businesses grow.

The conference will have investors and businesspeople from top global brands both in the UK and Africa who will be present to network and share insightful knowledge, tips and strategies.

note address from Baroness Udin, a Member of the House of Lords, of the All Party Parliamentary of Africa.

v A grand tour of Westminster, home to the United Kingdom's Houses of Parliament and much of the British government.

v An exciting tour of London including exciting sites of cultural and historical importance such as Buckingham palace, home to the royal monarchy, The London eye, across the Thames River and many more.

v Awards Exhibitions and Performances at the Royal Horse Guards Hotel.

How to attend

In support of the Coronation of King Charles III, the British African Business Forum, warmly invites you to the UK African Heritage Conference.

The conference is signi cant in more ways than one, as the Heritage Conference is bringing onboard Africa’s own royalty with rich cultural heritage and beauty from di erent countries across

Africa whilst celebrating the establishment of Monarchy.

There will be an unlimited display of Royalty and culture from Ghana, South Africa, Nigeria, Niger, Kenya, Zimbabwe, Uganda and many more, the stage is simply set for the Royals.

Empirical evidence gathered since the 1970s shows that most

sub-Saharan businesses and entrepreneurs struggle to grow their businesses and are more likely to fail, due to the high levels of uncertainty and risk in their local environments.

This instability is brought about by many factors including political and economic instability, changes

Highlights of the UK African Heritage Conference

v There will be company exhibitions and high-level networking opportunities with royalty and investors.

v There will be a fantastic gala night hosted at the House of Lords, with presentations by the Kings and Queens of Africa with a key-

The UK African Heritage Conference will take place in London, United Kingdom from 9th to 13th May 2023 at the House of Lords, Millennium Gloucester and The Royal Horseguards.

Ghanaian companies are encouraged to sponsor and participate in this experience of a lifetime, after all, the goal is to bring Africa to the fore when we speak of investment.

Interested parties can register on info@babforum.org

Vodafone and Metro Mass Transit partner to launch vehicle-tracker project

Vodafone Ghana has partnered with Metro Mass Transit Limited (MMT) to launch the Vehicle-Tracker (V-Tracker) Road Safety project. The project will leverage Vodafone’s Internet of Things (IoT) technology to help Metro Mass Transit Limited reduce the occurrence of road accidents involving its buses.

The V-Tracker project is a pioneering initiative under Vodafone’s Hero Projects which fo-

cuses on connecting people, places, and things through technology. As part of the pilot program, Vodafone Ghana has equipped ten MMT buses with its V-Tracker solution, the technology which includes a camera, sensors, and software, is integrated into a vehicle tracking and reporting system that allows MMT to monitor driver performance and intervene when necessary. The system measures speed,

sudden turns, heavy braking, and other indicators of improper driving, relaying these signals instantly to a monitoring centre at MMT’s base of operations. Road accidents are a signicant cause of fatalities in Ghana, and Vodafone believes that their V-Tracker solution can help reduce these incidents. This collaboration aims to give passengers peace of mind while

travelling on MMT buses, knowing that their safety is being monitored and prioritised.

Patricia Obo-Nai, CEO of Vodafone Ghana, added, “The V-Tracker project is a prime example of Vodafone’s commitment to using technology to positively impact our society. We are passionate about road safety and believe that this collaboration with MMT will contribute to a safer and more digitally connected Ghana.” The V-Tracker Project is a Vodafone Hero project – a special transformational, non-commercial project championed by the CEO, Patricia Obo Nai. Vodafone aims to t over 500 buses with cameras, GPS trackers, and IoT technology by 2025.

Vodafone Ghana has also shown its commitment to road safety in recent times

with the ‘100% Home Safe’ community campaign in December 2022. It was a collaboration with the National Road Safety Authority, the Motor Tra c and Transport Department, the Ghana Police Service, the Ghana Private Road Transport Union, and the Road Safety Transport Corporation. The campaign focused on educating commercial drivers on road safety and responsible behaviour.

Mr. Albert Adu–Boahen, Managing Director of Metro Mass Transit Limited, said, “We are excited to collaborate with Vodafone Ghana on the V-Tracker project. It shows our commitment to improving passenger safety and enhancing our operations. By embracing technology and digital solutions, we can create a safer and more e cient public transportation system for

all Ghanaians.”

David Osafo Adonteng, Ag. Director-General, of the National Road Safety Authority, commented, “This partnership between Vodafone Ghana and Metro Mass Transit Limited highlights the crucial role technology can play in reducing road accidents and saving lives. We applaud their e orts and look forward to seeing the positive impact of the V-Tracker project on road safety in Ghana.”

As a technology company, Vodafone is committed to using technology for good and fostering collaboration with partners like MMT, who are transitioning to more digital operations.

The V-Tracker project highlights the importance of technology for humanity and Vodafone’s role in driving change for the better.

Vodafone Ghana’s CEO Claims Outstanding Woman in Telecommunications Award

Patricia Obo-Nai, Chief Executive O cer (CEO) of Vodafone Ghana, has been recognised as the Outstanding Woman in Telecommunications at the African Women Awards 2023. The awards ceremony, held in Ethiopia under the theme “The Role of Women in Business Propelling Africa’s Socio-Economic Renaissance,” celebrates the achievements of exceptional African women leaders in various industries.

Patricia’s award is a testament to her exceptional leadership and dedication to the telecommunications industry, where she has made signi cant strides throughout her career. As the CEO of Vodafone Ghana, she has successfully navigated the competitive

landscape and guided the company towards remarkable growth and innovation.

Under her leadership, Vodafone Ghana has introduced ground-breaking products and services, transforming the telecommunications sector in the country. Patricia has also overseen the expansion of Vodafone Ghana’s network coverage, solidifying its position as one of the most extensive and reliable networks in Ghana. Commenting on the award, Patricia said, “This award is not only a humbling recognition of my personal journey, but also a testament to the incredible dedication and resilience of all women in the industry. As a leader, I am committed to inspiring the next generation of women in telecommunications. I believe

that together, we can break down barriers and rede ne the future of our industry.”

Patricia is a champion of diversity and inclusion in the workplace. She has led initiatives aimed at promoting gender equality, diversity, and inclusion within Vodafone Ghana and the broader telecommunications industry.

The African Women Award aims to draw attention to the positive impact of African women on the continent’s socio-economic growth and development. By identifying and recognising exemplary African women like Patricia Obo-Nai, the awards aim to position them as role models for the wider female population across Africa.

Global Civilization Initiative: China's New Gift for World Peace

By H.E. LU Kun, Chinese Ambassador to Ghana

At the CPC in Dialogue with World Political Parties

High-Level Meeting on March 15th, H.E. Xi Jinping, General Secretary of the Communist Party of China (CPC) Central Committee and President of the People’s Republic of China, delivered a keynote speech and proposed the Global Civilization Initiative. This is the third major global initiative presented by China after the Global Development Initiative and the Global Security Initiative. It fundamentally answers a series of questions of the times, such as "What kind of modernization do we need?" and "How can we achieve modernization?" The initiative has become another important public good provided to the world and will inject fresh and strong energy into the common development and progress of

human society in a world fraught with multiple challenges and crises. I would like to introduce the Global Civilization Initiative to Ghanaian friends and help China and Ghana strengthen cultural exchanges and cooperation.

The Global Civilization Initiative puts forward four initiatives - respect for diversity of civilizations, advocating the common values of humanity, highly valuing the inheritance and innovation of civilizations, and jointly advocating robust international people-to-people exchanges and cooperation. It not only covers the basic concepts and principles that di erent civilizations can tolerate each other, coexist and learn from each other, but also has the source of motivation and a practical path for realization. It is a major initiative that is very

constructive, operable and sustainable. It advocates respect for di erent civilizations and support for their rights to develop, which fully meets the strong needs of the international community. It has shown strong vitality since its inception, arousing enthusiastic responses in the international community. We advocate the respect for the diversity of civilizations. Countries need to uphold the principles of equality, mutual learning, dialogue and inclusiveness among civilizations, and let cultural exchanges transcend estrangement, mutual learning transcend clashes, and coexistence transcend feelings of superiority. All countries have the right to develop in accordance with their own culture, civilization and geographical location, but this does not mean that civilizations should be separated from each other. Instead of the con ict, civilizations should put aside their disagreements and disputes, and contribute to the common pursuit of humanity. We advocate the common values of humanity. Peace, development, equity, justice, democracy and freedom are the common aspirations of all peoples. Countries need to keep an open mind in appreciating the

perceptions of values by di erent civilizations, refrain from imposing one’s own values or models on others and stoking ideological confrontation, stop pushing a zero-sum agenda to bully and exploit the weak and vulnerable, and playing bloc politics and using democracy as a tool for political ends.

We advocate the importance of inheritance and innovation of civilizations. Countries need to fully harness the relevance of their histories and cultures to the present times, and push for creative transformation and innovative development of their ne traditional cultures.

We advocate robust international people-to-people exchanges and cooperation.

Countries need to explore the building of a global network for inter-civilization dialogue and cooperation, enrich the contents of exchanges and expand avenues of cooperation to promote mutual understanding and friendship among people of all countries and jointly advance the progress of human civilizations.

China is not only a "thinker" but also a "doer" in promoting building a human community with a shared future and practice the Global Civilization Initiative. In Africa, more than 60 Confucius Institutes have been

established in 46 countries. In Ghana, the Confucius Institutes at the University of Ghana and the University of Cape Coast continue to ourish, and a Chinese Bridge Chinese Pro ciency Competition will be held in the near future to better raise Sino-Ghanaian friendship. There are more than 6,000 Ghanaian students studying in China assiduously, ranking second in Africa.

At present, the changes of the world, the changes of the times, and the changes in history are unfolding unprecedentedly. We have more reasons to expect that the Global Civilization Initiative, together with the Global Development Initiative and the Global Security Initiative, will constantly inject stability and bring new hope to this world of turbulence and transformation. A single ower does not make spring, while one hundred owers in full blossom bring spring to the garden. Together, we can make the garden of world civilizations full of colors and life. .

GCBL releases first quarter progress report as it re-ignites Young Business Leaders Program

The Global Chamber of Business Leaders (GCBL) has released its First Quarter Report for 2023, informing its Executives and Members around the world about the progress it has made so far this year.

Signing the report, which was released on March 29th, was the Chairman of GCBL, Mr. Dejan Stancer. The three-page Report highlights, among other things, e orts being made by GCBL to form a merger.

According to the report, the GCBL was undertaking a

number of resolute initiatives in its ongoing e orts to be a fully operational, strong global organization, and as part of the thrust to bolster its global position, has taken steps to restructure and re-ignite its Young Business Leaders Program (YBLP).

The Report further indicated that the Management of YBLP has been put in the hands of two young but highly accomplished Executives of the GCBL, namely Nigel Scicluna and Jus Javornik, who will serve as Senior Advisors and Co-Chairs of the YBLP.

The GCBL's unwavering com-

mitment towards the development and empowerment of young people around the world is evident and promises diligence in moving forward with creative and focused initiatives.

"I ask you to support the operation of YBLP and think about whether you know any young person who could co-shape the micro and macro cosmos, and recommend them to us for appointment to the position of YBLP Delegate," Chairman Stancer urged GCBL Executives and Members.

The GCBL will soon unveil the

'World Best Future Leaders' project with the initiative expected to operate within the framework of the Young Business Leaders Program.

The report says that this project "is about o ering as many young people from all over the world as possible to join a global and multinational project for a symbolic minimum membership fee (just a few dollars a year), with which we want to encourage cooperation between young people, connection, and empathy, so we want to o er young people all possible support and actively involve them in eco-

nomic and political currents already today so that the world will get new, better, more empathetic and cooperative leaders with them tomorrow," Mr. Stancer once again encouraged GCBL Executives and Members to equally support the 'World Best Future Leaders' initiative.

Meanwhile, GCBL has extended an invitation to business executives, companies and leaders of organizations around the world to join the Chamber.

The 7th Ibero American Film Festival held in Accra

This year’s edition of the Ibero American lm festival was held from Wednesday 22nd March to Wednesday 29th March 2023 at the Pacific Alliance, located at Airport Residential Area in Accra.

The festival was dedicated to the memory of the late Mexican Ambassador accredited to Ghana, Gambia, Liberia, and Sierra Leone, H. E Enrique Escorza, who passed on in November 2022.

Being the seventh edition, the Ibero American lm festival screened a variety of projects including features, short lms and documentary lms by Spanish, Portuguese and Latin American lmmakers.

The lm festival held each night from 6PM has the aim of promoting Ibero American stories, culture and messages of social impact. In addition, it showcases acclaimed lms by directors from Brazil, Spain, Columbia, Cuba, Peru and Mexico with a diverse range of Latin American context and perspectives.

This year, the festival opened with the Columbian movie, Jerico; the in nite ight of days. Jerico is a lm, which re ects a colourful, poetic and lush journey in a beautiful Colombian village, Jericó through the eyes of eight women of all ages and social conditions.

Other lms including Achero Mañas’ directed Spanish drama lm, El Bola, Cuban drama, Habana station, Peruvian movie, Viaje a Tombuctu Pixinguinha, and Brazilian project, Pixinguinha, were also screened.

Spanish Ambassador to Ghana, H.E Javier Gutierrez, Peruvian Ambassador to Ghana, H.E Abel Antonio Cardenas Tuppia and the Deputy Head of Mission of the Embassy of Mexico in Ghana, Arturo Agustín Salazar González, spoke about the importance of the Ibero American lm festival.

The 7th Ibero American lm festival closed on Wednesday, 29th March 2023 with the Mexican movie La Buenas Hiebas.

Obuasi Area Pemem hands over new ward to Tweapaease Health Center

of people.

He revealed that the Church saw it important to intervene to salvage the situation of men and women sharing the same ward, during routine evangelism by the District pastor Francis Wugban at the health facility.

The transformation agenda

By Sampson Manu

clean and healthy environment".

The Amansie Central District Health Director Ampratwum

In line with the vision of the Church of Pentecost to transform the lives of the people in their communities, the men's ministry (PEMEM) of the church in the Obuasi area has commissioned and handed over a 15-bed capacity male ward to the Tweapaease Health center.

The Tweapaease Health center which is the only health facility serving about ten (10) neighboring communities has not seen any major facelift since it was commissioned in 2015. The facility until the intervention from the Church of Pentecost had males and females

sharing the same ward.

This however caught the attention of the Tweapaease branch of the Church of Pentecost who decided to save the situation through the Obuasi area men's ministry.

The new men's ward which cost GH 166,531.00 consists of 10-bed main ward, 4-bed side ward and VIP ward.

Speaking after the handing over ceremony the Obuasi area head of the church, Apostle William Boakye Agyarko underscored the importance of the project saying it is in sync with the teachings of the Holy Bible which enjoin Christians to do good to all manner

Apostle Boakye Agyarko reiterated the commitment of the church through their transformational agenda to change the lives of the people even as they admonish people to accept Christ and live a Christ-like life.

Observing a clean environment

The Obuasi area head talked about the essence of observing a clean environment as a means to prevent diseases.

" The Church of Pentecost true to its resolve to inculcate unto the people the need to observe a clean environment has set aside the 3rd month of the year (March) to clean the environment. He therefore admonish members to observe a

Oppong Ahmed lauded the church for coming to the aid of the health center. He described the facility as a welcoming relief saying the existence phenomenon of having men and women sharing a single ward became an albatross around the neck of personnel at the facility.

On challenges facing the Directorate in the district, Mr. Ampratwum cited the refusal of health personnel to accept postings to the district as a major threat to healthcare delivery in the district.

" The perception out there is that the district is a deprived one hence personnel who are posted here refuse to come whiles those who accept postings nd it di cult to get accommodation due to the exorbitant rent charges", he said. He however notes that, the Assembly is doing its best to add

up to the existing health infrastructure but appealed to central government and other groups and institutions to also intervene. Oheneba Kwadwo Ntoso III, Bekwai Dwonsuahene lauded the Church of Pentecost for their pioneering role in assisting in provision of social amenities. He added that the provision of male's ward for the Tweapaease Health center lends credence to the impact the church is making on the lives of the people in the country.

" The Church of Pentecost is noted for providing prison facilities, hospitals, schools, boreholes, Police stations among others. This is a feather in the cap of the Obuasi area and on behalf of the people of Tweapaease, I say congratulations to you for these major feet”.

Emirates and United activate codeshare partnership to enhance connectivity to the US

Emirates and United have activated their codeshare partnership, allowing Emirates customers including Ghanaians, to enjoy easier access to an expanded choice of U.S. destinations. Starting today, Emirates customers will be able to y to three of the nation's biggest business hubsChicago, Houston or San Francisco - and connect easily to an expansive network of domestic U.S. points on ights operated by United.

Tickets are available to purchase from today on www.emirates.com as well as through trade channels including travel agencies. With the launch of the partnership, Emirates customers heading to the U.S. can now look forward to access to more than 150 U.S. cities in the United network, via the three gateways. Similarly, Emirates customers in the U.S. planning trips to Dubai and beyond have a myriad of choices and can utilise United’s services to easily connect to Emirates operated ights bound for Dubai, via Chicago, Houston or San Francisco. The world just got bigger for U.S. travel-

ers journeying to Emirates’ extensive network beyond Dubai, including many unique destinations across the Middle East, Africa, Central Asia and the Indian subcontinent.

On the ights, passengers can enjoy Emirates’ award-winning services and a host of convenient travel bene ts a orded by the agreement. Travellers with itineraries on Emirates’ codeshare ights can plan their entire trip on a single-ticket and take advantage of the airline’s baggage allowance, in addition to convenient bag check-through to the nal destination.

Emirates is also enabling its Skywards members to earn and redeem miles on all ights across United’s worldwide network.

The partnership unlocks a host of popular destinations accessible from Emirates gateways such as Atlanta, Austin, Denver, Minneapolis and Phoenix. Emirates passengers planning trips to destinations such as Detroit, can y direct from Dubai to Chicago or Houston, and simply connect on

a United ight to the nal destination, while enjoying the hassle-free ight bene ts. The reciprocal bene ts extend to passengers ying out of the U.S. using Emirates services to y to Dubai, with the same easy access from a vast network of domestic cities and connection at one of the three hubs.

Adnan Kazim, Emirates’ Chief Commercial O cer commented: “We are extremely delighted to activate this historic partnership with United and signi cantly expand our footprint in the U.S. United’s vast network across the Americas will help us to o er more choice to our customer base from across the globe, and meet demand from across segments including the leisure, VFR, corporate travellers and students who can now connect seamlessly to and from a broader network of more than 150 domestic points.”

Emirates and United have an interline arrangement that allows passengers to easily reach a wider choice of destinations in the Americas outside of the U.S. Emirates customers will be able to choose from dozens more destina-

tions in Canada, Mexico, the Caribbean, and Central and South America, while also enjoying conveniences such as the simplicity of ight itineraries on a single-ticket and smooth connections via the three hubs (Chicago, Houston and San Francisco).

Emirates currently o ers services between its hub in Dubai and 12 U.S. cities, as well as ve points across Canada, Mexico, Brazil and Argentina.

More opportunities, more rewards

Under the agreement, Emirates

Skywards members can earn miles on ights while traveling across United Airlines’ international and domestic network.

The partnership will also enable MileagePlus members to earn miles on select ights in the Emirates network when travelling from Newark (EWR) to Dubai (DXB) on United Airlines and onwards to select destinations operated by Emirates.

The award-winning loyalty programme of Emirates and ydubai continues to o er its 30 million members worldwide exclusive privileges.

Emirates’ network of 17 points across the Americas includes U.S. destinations Boston Logan Inter-

national Airport (BOS), New York’s John F. Kennedy International Airport (JFK), Los Angeles International Airport (LAX), Houston’s George Bush Intercontinental Airport (IAH), Chicago’s O'Hare International Airport (ORD), Washington D.C.’s Dulles International Airport (IAD), Seattle Tacoma Airport (SEA), Newark Liberty International Airport (EWR), Orlando International Airport (MCO), Dallas-Fort Worth Airport (DFW), San Francisco International Airport (SFO), Miami International Airport (MIA) and Orlando International Airport (MCO). Emirates also ies to Mexico City (MEX), Toronto (YYZ), Sao Paulo (GRU), Rio de Janeiro (GIG) and Buenos Aires (EZE).

About Emirates

From its global hub in Dubai, Emirates serves customers on six continents, providing high quality air transport services that facilitate tourism and trade. The airline has earned customer rec-

ognition for its industry-leading services on the ground and in the sky, delivered by a passionate workforce representing over 160 nations. Emirates operates the world’s largest eet of wide-body Boeing 777 and Airbus A380 aircraft, o ering spacious cabins and iconic in ight features such as its A380 Shower Spa and Onboard Lounge, and its ice in ight entertainment system available in all seats across its eet, which has topped “best in sky” awards for 17 consecutive years. Emirates is committed to environmentally-responsible operations and focusses on three areas: reducing emissions, consuming responsibly, and protecting wildlife and habitats.  For more information, visit www.emirates.com

Huawei releases 2022 Annual Report: Steady operations, sustainable survival and development

good to all manner of people.

He revealed that the Church saw it important to intervene to salvage the situation of men and women sharing the same ward, during routine evangelism by the District pastor Francis Wugban at the health facility.

The Amansie Central District Health Director Ampratwum

In line with the vision of the Church of Pentecost to transform the lives of the people in their communities, the men's ministry (PEMEM) of the church in the Obuasi area has commissioned and handed over a 15-bed capacity male ward to the Tweapaease Health center.

The Tweapaease Health center which is the only health facility serving about ten (10) neighboring communities has not seen any major facelift since it was commissioned in 2015. The facility until the intervention from the Church of Pentecost had males and females sharing the same ward.

This however caught the attention of the Tweapaease branch of the Church of Pentecost who decided to save the situation through the Obuasi area men's ministry. The new men's ward which cost GH 166,531.00 consists of 10-bed main ward, 4-bed side ward and VIP ward.

Speaking after the handing over ceremony the Obuasi area head of the church, Apostle William Boakye Agyarko underscored the importance of the project saying it is in sync with the teachings of the Holy Bible which enjoin Christians to do

The transformation agenda Apostle Boakye Agyarko reiterated the commitment of the church through their transformational agenda to change the lives of the people even as they admonish people to accept Christ and live a Christ-like life.

Observing a clean environment The Obuasi area head talked about the essence of observing a clean environment as a means to prevent diseases.

" The Church of Pentecost true to its resolve to inculcate unto the people the need to observe a clean environment has set aside the 3rd month of the year (March) to clean the environment. He therefore admonish members to observe a clean and healthy environment".

Oppong Ahmed lauded the church for coming to the aid of the health center. He described the facility as a welcoming relief saying the existence phenomenon of having men and women sharing a single ward became an albatross around the neck of personnel at the facility. On challenges facing the Directorate in the district, Mr. Ampratwum cited the refusal of health personnel to accept postings to the district as a major threat to healthcare delivery in the district.

" The perception out there is that the district is a deprived one hence personnel who are posted here refuse to come whiles those who accept postings nd it di cult to get accommodation due to the exorbitant rent charges", he said. He however notes that, the Assembly is doing its best to add up to the existing health infra-

structure but appealed to central government and other groups and institutions to also intervene.

Oheneba Kwadwo Ntoso III, Bekwai Dwonsuahene lauded the Church of Pentecost for their pioneering role in assisting in provision of social amenities.

He added that the provision of male's ward for the Tweapaease Health center lends credence to the impact the church is making on the lives of the people in the country.

" The Church of Pentecost is noted for providing prison facilities, hospitals, schools, boreholes, Police stations among others. This is a feather in the cap of the Obuasi area and on behalf of the people of Tweapaease, I say congratulations to you for these major feet”.

FX Insights

Forget Nigeria’s election: it’s the Naira shortage that markets are watching

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.

Foreign Exchange

Down

32%

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.

Foreign Exchange

Down 18%

Ghana’s latest ratings downgrade drives Cedi lower

Foreign Exchange

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.

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.

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.

Foreign Exchange

Down Down 99%

Shilling strengthens as Uganda resists rate rise

Foreign Exchange Down

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.

Foreign Exchange Down

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.

Murega Mungai Trading Desk Manager, AZA Finance

Mitch Diedrick Forex Dealer, AZA Finance

Alex Barmuta Forex Dealer, AZA Finance

CIDAN INVESTMENTS LIMITED

WEEKLY MARKET REVIEW FOR WEEK ENDING

March 28, 2023

Farmer Cooperatives sensitized on the Cocoa Farmers Pension Scheme

Over 150 executives of cocoa farmer cooperative in the Amen East District have been sensitized on the Cocoa Farmers Pension Scheme ahead of the commencement of enrolment in selected communities in the district under the phase I of the programme. The enrolment, which started from 31st March is expected to end on 21st April 2023 as part of the roll out plans of the Board of Trustees of the CFPS to enlist all cocoa farmers who have been issued with their Cocoa Cards under the Cocoa Management System onto the Scheme. The farmer executives were met in a farm to discuss the modalities of the pension scheme and its bene ts.

The Chairman of the Implementation Task Force, Mr Fii Boafo, in an interactive session with the farmers on basic enrolment requirements, lauded the signi cant roles the farmer leaders towards educating their members and called on them to act as agents if change. The pension scheme, according to him, is a contributory scheme where farmers contribute a minimum of 5% with opportunity to contribute more. He added that it is controlled by the National Pensions Regulatory Act 766 and governed by a 10-member of Board of Trustees with the interest of cocoa farmers represented on the Board.

The deduction of contribution of farmers would be done at points of sale using a

mobile App supported with a software that enables instant alert to be received by contributor on his phone.

A 5% deduction on every sale will be done by the Purchasing Clerk who has been mandated by the Trustee while at least 1% on the actual value of sales made would be automatically added as COCOBOD's contribution and the total would be credited to the pension account of the farmer.

Speaking on the continuity and safety of the scheme, Mr Boafo started that PNDC Law 81, 1984 and the NPRA Act 766 are legal instruments that guarantee the safety of the scheme

against any ‘attack' whether now or in future.

“I do not anticipate any such attack on the continuity of the scheme since it is insulated from political manipulation by law,” he added.

Two accounts exist under the scheme out of which 25% of the total contribution would be credited to his Personal Account and 75%, to a Retirement Account. A farmer may opt to access a soft loan from the Personal Account but this does not apply to the Retirement Account.

There is no entry age limit but contributors who sign onto the scheme at ages below 50 years would be eligible to retire at a non-com-

pulsory age of 55. However, regardless of the entry age, after 5 years of good standing on the scheme a farmer is eligible to retire. Mr Fii Boafo further called on farmers who have still not gotten their Cocoa Cards for various reasons to contact the District O ce to be assisted in that regard, adding that the card was an essential part of the enrolment process.

“Opportunity exists for farmers who may not be able to enrol during this 2-week period to be captured even after the exercise has ended since we are ready to enrol all farmers to enjoin a decent retirement”, he assured.

Tony O. Elumelu joins US Vice President Kamala Harris at the Gender Inclusion in the Digital Economy Summit in Zambia

The Group Chairman of United Bank for Africa (UBA) and Heirs Holdings, the leading Pan-African investor, Tony O. Elumelu, CFR, will be traveling to Zambia at the invitation of United States Vice President, Kamala Harris.

Mr. Elumelu will join other global leaders at the inaugural meeting of the Steering Committee of the United States Government’s initiative

“Gender Inclusion in the Digital Economy” taking place on Saturday, April 1, 2023, in Lusaka, Zambia. His attendance represents a further recognition of his advocacy of the transformation of Africa, through a dynamic private-

public sector approach, made most recently at the US-Africa Leaders’ Summit, held in Washington D.C, hosted by President Biden in December 2022.

Mr. Elumelu welcomes the increased engagement of the US Administration with Africa, a partnership that he has stressed should be based on equity and mutual respect. As one of Africa’s leading entrepreneurs, Mr. Elumelu sees many common values, between the entrepreneurially driven US economy and the opportunities in Africa, not least in creating the enabling environment to support Africa’s highly entrepreneurial youth. He is an ardent advocate of Africapitalism, his belief that Africa’s economic renaissance will be cata-

lysed by the collaboration between public and private sectors, and that the private sector must create social good, as well as economic wealth.

| Africapitalism

Africapitalism is the economic philosophy developed by Heirs Holdings Chairman, Tony O. Elumelu, CFR, and is predicated on the belief that Africa’s private sector can and must play a leading role in the continent’s development. It is a call-to-action for businesses to make decisions that will increase economic and social wealth and promote development in the communities and nations in which they operate.