Investment Times Newspaper 2023 Edition | Issue 1

Windfall tax will worsen energy crisis

By William Essuman Emmanuel Adu Sarfo

Senator Sheldon Whitehouse (D-RI) and Representative Ro Khanna (D-CA) have called for an energy windfall tax. In a written statement, Khanna said, “Senator Whitehouse and I have been calling for a windfall pro t tax on Big Oil for months, and I’m thrilled to see President Biden publicly consider this approach.” Senator Elizabeth Warren has long supported this. In an earlier tweet, Warren said, “Big Oil’s rst priority is to maximize pro ts. We can’t let them use Putin’s invasion as an excuse to pad their bottom line with war-fueled pro ts.”

The rationale for a windfall tax is concurrent with in ation. The in-

ation rate has been far outstripped by pro ts, with many energy companies exceeding pro ts far above the in ation rate. The idea that windfall profits can fuel in ation has become a respectable view among central bankers like US Federal Reserve Vice Chair Lael Brainard and Isabel Schnabel, an executive board member of the European Central Bank. Nobel laureate economists like Paul Krugman have also acknowledged the link. The windfall tax targets energy companies lucky enough to bene t from something they were not expecting.

Whatever the politics or ethics, we should accept that enacting

Industry captains call for more intimacy with gov’t

Speaking

Industry leaders converge at 2022 Food Africa and Pacprocess MEA

zine's list of top 500 US com panies. In 2000, the company had employed 21,000 people and posted revenue of $111 billion.

However, the next year, Enron’s stock price began ebbing. In fact, according to

ruptcy.

By the end of the year, Enron’s collapse had cost investors billions of dollars, wiped out some 5,600 jobs and liquidated almost $2.1 billion in pension plans. The question is what could have led to the col-

company based in Houston, Texas had risen as high as number 7 in fortune magazine's list of top 500 US companies. In 2000, the company had employed 21,000 people and posted revenue of $111 billion.

Enabling Ghanaian SMEs and the private sector to be globally competitive through skills de velopment was a critical focus point at the maiden McDan Business Forum held in Accra

at the maiden McDan Business Forum, the CEO of McDan Group of Companies, Daniel McKorley stated that the aim of the event was to assem

Vodafone Healthline doctor explains how kidney diseases are linked to high blood pressure

It’s

Windfall tax will worsen energy crisis

By William Essuman Emmanuel Adu Sarfo

certainty and distract from the need to pursue well-thought-out reform to deal with the challenges ahead. Potential new entrants into the energy industry can choose to use their capital in some other way and not enter an industry subject to an unstable tax policy.

estimated that over 2000 Ghanaian supporters made it to to support the Black Stars. ect supporters play in drivright mentality in footbalcannot be overlooked. Ghaculture has been well displayed by our supporters and usual the sound of the trumand the beautiful echoing is such a pleasure that motivate all the Ghanaian on the eld. did they travel to Qatar? It’s obvious they travelled by air. airline? Qatar airways becomes the obvious choice not con rmed. It is howfact that they didn’t travel Ghanaian airline. Had the of the launch of the prospective national carrier coinwith the beginning of the cup, the supporters would enjoyed the new carrier. would have obviously paid fare compared to other used. Unfortunately that been the case. We wait for future.

a windfall tax is unlikely to produce desired results. Most disastrously, it will decrease domestic energy production at a time when energy security is needed to support decarbonization. Larry Summers, American economist and top adviser to Presidents Bill Clinton and Barack Obama, warns, “If you reduce pro tability, you will discourage investment which is the opposite of our objective.” In 1980, President Jimmy Carter en-

and this time around we are convinced we shall be on the right course.

Industry captains call for more intimacy with gov’t to grow economy

Presenting the budget last week, Finance Minister Ken Ofori-Atta said Ghana's new national carrier will be called Airlines and will be launched in 2023. "Shareholders partnership agreements signed with the selected strategic partner for the home-based carrier, which will known as Ghana Airlines. The is expected to be operationalized in 2023." the successful launch takes next year, the promotion of tourism must be on the agenda. We all know sports unite and we can attest to it the recent Black Stars performance. We all celebrated forgetting our political colors. understanding the role and importance the national carrier play, data must be well analData show that the highest number of visitors to Ghana hail North America and a direct from Ghana will keep the lower and enable tourist y cheaper fare. The next to consider must be and the West African The ownership structure of new airline we are told are Ghanaian business men have succeeded in their business and understand need to be pro table. At least the introduction of African Airline, we have seen that Ghanaians can own and run a successful airline. The rst expewere not positive ones

ble business leaders and solicit ideas which they plan to present to government.

“The past year 2022 has been a struggling year and we witnessed things that we never saw before in terms of business and I feel the politicians did their best, government did what they had to do, right now the private sector must have some voice with ideas, so I thought it wise to bring some few business men together for us to brainstorm, see what we can do to support the government and also if we have any ideas we take it to government to see how they can buy into it and make sure that the business environment becomes an enjoyable one.” he told journalists after the event.

During the forum, there were calls for the strengthening of the local content and adopting diversi cation.

According to Mr. McKorley, the country has had weak local content law and spirit, he reckons it is about time local business men have a “big say in policy, it looks like the whole business community is sitting back watching on for the politicians and government to take

acted a windfall pro ts tax on most oil produced in the U.S. The non-partisan Congressional Research Service paper found that this punitive tax led to domestic oil production declining by as much as 8% and imports increasing by a whopping 13%. A 2018 paper in Economic Policy found that the tax reduced domestic production, largely by reducing the total output of wells already in operation.

The role of a National Carrier The role of a national carrier cannot be underestimated in tourism development in any nation. Sadly in Ghana, the story of our national carriers have been one associated with failure due to huge debt accumulated by our two previous national carriers and many other contributing factors. Some few years back, Ghana Airways was the pride of the continent. I remember Ghana Airways always been available to transport our various national teams, the supporters, our pilgrims and stranded Ghanaians abroad back home. Ghana Airline must also play this same role. The cheap air fares made travelling abroad a ordable and that forced many other competing airlines to bring down their fares. Many foreign tourists travelling to Ghana were proud to y Ghana Airways to experience the Ghanaian hospitality onboard. They were welcomed onboard with some Ghanaian dishes, a taste of what they were to expect whiles in the motherland. Ghana Airways Training Centre also trained many young men and women who are today doing well within the travel and tourism industry. When news of the sale and liquidation of the airline was made public to the sta , with unemployment staring them in the face, they resulted to divine intervention through prayer and fasting, regular all night sessions hoping a miracle will happen. Unfortunately, that miracle never happened and the airline was eventually liquidated.

decisions for us, and I think it is about time, we support government with our resources and ideas”

to deepen its participation in the aviation industry following the collapse of the erstwhile Ghana International Airlines about a decade agoPrior to the launch next year, we need to commend all those who played an important role to making this dream come true.

Everything from the minerals needed in electric cars to the balsa wood used in wind turbines will experience shortages, and the private sector will need to create solutions. The incentive to address the intermittent nature of decarbonization will be diminished if even clean energy companies have their pro ts con scated. And as economies transition to net zero, there needs to be enough investment in renewable energy. If the most innovative companies are

Economic bene ts of National carriers

Aviation provides the only worldwide transportation network, which makes it essential for global business and tourism. It plays a vital role in facilitating economic growth, particularly in developing countries.

countries producing other goods and services.

Air transport is indispensable for tourism, particularly for remote and island destinations.

If energy prices were to collapse, energy company pro ts would do so too. Windfall taxes on energy companies are asymmetric and judgemental. Now, energy companies su ering a one-o tax might call for a one-o subsidy. There may have been calls for windfall taxes in the past, but if energy companies make losses due to falling global energy prices, there may be few calls to provide funds to support them. In addition, there is the question of how to determine that some particular level of pro t is ‘normal’ and some higher level of pro t is ‘excessive’. In one sense, that arbitrariness of the de nition adds to the idea of economic e ciency – the company does not know beforehand what pro t level will be judged to be excessive and so cannot adjust its behavior to that.

Tourism directly supports jobs in airlines and airports, and spending of visitors arriving by air creates a substantial number of jobs in the tourism industry.

concerned that their earnings could be taken when their risks pay o , then it is a fantasy to imagine that the massive investments required will occur.

Air transport improves quality of life by broadening people’s leisure and cultural experiences.

A sound tax system should state how an individual or entity will be taxed in advance. Stability is key to promoting investment and spending, which drive economic growth. Predictable and constant regulations are identi ers of a society governed by the rule of law. The windfall taxes compound un-

It provides a wide choice of holiday destinations around the world and an a ordable means to visit distant friends and relatives.

Air transport helps to improve living standards and alleviate poverty, for instance, through tourism.

Air transport contributes to sustainable development. By facilitating tourism and trade, it generates economic growth, provides jobs, increases revenues from taxes, and fosters the conservation of protected areas.

Since the rst jet airliner ew in 1949, use of commercial aviation has grown more than seventy-fold. This growth is unmatched by any other major form of transport and is essential to economic progress.

Air transport boosts productivity across the global economy: improved transport links expand the market in which companies operate. As a result, companies are better able to exploit economies of scale thereby reducing costs, and to specialise in areas of comparative advantage. By opening up markets, air services expose companies to sti er competition, encouraging them to become more e cient.

Windfall taxes are not, in principle, unacceptable tools. However, like all tools, they should be carefully employed in the proper circumstances. It may ll us with righteous indignation toward tax pro teers, but it is not a productive economic policy. Much worst, the scenario of the 2022 winda l tax in Italy resulted in a much lower revenues for government than anticipated. This serves as a precedent that the e ect of windfall taxes has not changed in contemporary times. If President Biden is serious about decarbonization, energy security, and lowering energy prices, he should resist the calls for a windfall tax.

Air transport improves the e ciency of the supply chain, for example, many industries use air transport to shorten delivery times as part of their just-in-time delivery systems, enabling them to deliver products to clients quickly and reliably and to reduce costs.

When leaders ignore the rules

the demand of the dollar high.

Demand for air services increases the in uence of air transport on the global economy, making possible the rapid movement of millions of people and billions of dollars’ worth of goods to markets around the world.

Air transport provides consumer welfare bene ts to individuals in terms of the increased availability of travel connections, and for local airport communities. These must be taken into account when considering environmental impacts on, for example, air quality, noise and congestion in the vicinity of airports.

lapse of a corporation whose asset is valued at $60 billion?

Air transport’s in uence on investment

In 2000, Stewart Parnell became the President and CEO of Peanut Corporation of America (PCA); a company founded in 1967 by his father Hugh Parnell. PCA was a company that provided peanut and peanut butter products primarily to the "institutional food" market (schools, prisons and nursing homes), to food manufacturers for use in cookies, snacks, ice cream, and dog treats, and to other low-end markets.

He also added that business men in the country must be more solution minded in order to support government.

At the forum several issues such as the cedi depreciation to the US dollar, adding value to the country’s raw materials, developing market access for smes to partake in the Africa Continental Free Trade Area (AfCFTA), rede ning the Ghanaian mindset, were discussed.

Ghanaian businessman and former co-founder of UT Bank, Prince Ko Amoabeng touched on the weakening cedi to the dollar and o ered strategies, stressing that individuals habits and behaviours have changed which has made

With the introduction of Ghana International Airline (GIA) by the President Ku our administration, there was hope and we were all excited. Unfortunately, GIA could also not stand the test of time. It also collapsed after some few years in operation. There was another hope when the Mahama administration informed us a new airlines was about to begin operations. “The proposed new national airline is expected to take to the skies in October this year. After months of preparatory works and tying up of loose ends in respect of the defunct Ghana International Airlines”, Transport Minister, Fii Kwetey has said. “The start of the new airline will be a key milestone in the country’s quest

“We have a change in lifestyle, values -the food that we eat, things we wanted for ourselves and family is changed. In every home in the south of Ghana, they have to pound fufu which is local, now everybody is eating rice which we don’t grow, we have to import toothpick after we have eaten our rice.

We need dollars to pursue whatever our level of desire is, therefore the rate of the cedi to the dollar will worsen, and one major contribution to this is corruption -when people have taken monies from the system, they need dollars so it is more compact so they can run away and put those monies outside, so apart from the fact that we have changes in values, lifestyle and everything, there is so much corruption which is also pushing for more dollars.”

The industry plays a decisive role in the work and leisure of millions of people. It promotes an improved quality of life and helps to improve living standards. By facilitating tourism, air transport also helps generate economic growth and alleviate poverty – providing employment opportunities, increasing revenues from taxes and fostering the conservation of protected areas.

On some of the solutions, he stated that government should limit the importation of rice, oil and non-essential items, “government will have to put some kind of ban and restrictions in place so we don’t have to import much because importation puts a stress on it, a strong GRA is needed in order to rake in more taxes, a bold leadership which is not greedy will help stabilize the cedi.”

The forum saw leaders from various sectors of the Ghanaian economy share their perspectives on ways to improve the fortunes of the Ghanaian economy in the coming year.

Air transport facilitates world trade: air transport helps countries participate in the global market by increasing access to main markets and allowing globalisation of production. Air transport also encourages countries to specialise in activities in which they have a comparative advantage, and to trade with

Good air transport links in uence where companies choose to invest. According to a survey14, 56% of companies consider international transport links to be an essential factor for locating businesses in Europe. Another survey15 found that 18% of businesses’ past investment decisions were directly a ected by the absence of good air transport links, especially in hightech sectors. Around 28% of companies believe that innovation and investment in research and development would be very badly or fairly badly a ected if air transport services were constrained.

Some participants included the CEO of Maxigate Group, Mr Dennis O. Carter; the Managing Director of FBN Bank Ghana, Victor Yaw Asante; the CEO of Payswitch, Kojo Choi and the MD of Penta Build Limited, Mr Firas Jaber.

By 2007, the company had grown to 90 employees and was doing $25 million in annual sales. It was estimated to be manufacturing roughly 2.5% of processed peanuts in the U.S. at that time.

However, in late 2008 and early 2009, as a result of Salmonella contamination event, 9 people died and at least 714 people (half of them children) fell ill, all from food poisoning after eating products containing contaminated peanuts (https://en.m.wikipedia.org/wiki/Peanut_Corporation_of_America).

Reductions in barriers to international trade: most notably, the creation of free trade blocs such as the European Single Market, Air transport contributes to sustainable development Air transport makes a major

This contamination triggered the most extensive food recall in U.S. history up to that time, involving 46 states, more than 360 companies, and more than 3,900 di erent products manufactured using PCA ingredients.

On February 13, 2009, Peanut Corporation of America ceased all manufacturing and business

operations, and led for bankruptcy liquidation. From February 2009 investigation continued and by September 2015, Stewart Parnell was sentenced to 28 years in prison.

investors.

When business leaders ignore the rules or laws that should guide their conduct in the business environment, the world experiences havoc, pain, death and even the collapse of such organizations that it trusted to provide it with products that will be of help to its inhabitants? In the

case of PCA, investigation revealed that their processing was being done without the knowledge and oversight of Food and Drug Administration (FDA), and other food handling and processing areas had gone long periods without federal inspection. In fact, one of the evidence against Stewart showed that he participated in a scheme to fabricate certi cates of analysis (COAs) accompanying various shipments of peanut products (https://www.justice.gov -

contribution to sustainable development by supporting and promoting international tourism. Tourism helps reduce poverty by generating economic growth, providing employment opportunities, increasing tax collection, and by fostering the development and conservation of protected areas and the environment. In e ect, protecting the environment attracts tourism and the development of the tourism industry, which in turn makes it possible to nance the protection of nature and cultural heritage, thereby increasing the bene ts of protected

areas to the country. Moreover, the promotion of nature-based tourism is an e ective lobbying tool that favours nature conservation over non-sustainable agricultural activities. It can also increase the sense of ownership and responsibility for natural resources, among local communities. With all these bene ts aligned, we can only hope for the best and we must pray we qualify for the next international tournaments where our supporters must be sure of a stress free travel.

/opa/pr/former-ocials-and-broker-peanut-corporation-ameri ca-indictedrelated-salmonellatainted).

COAs are documents that summarize laboratory results, including results concerning the presence or absence of pathogens. On several occasions he participated in this scheme to fabricate COAs stating that shipments of peanut products were free of pathogens when, in fact, there had been no tests on the products at all or when

er. He is the C.E.O of FoReal Destinations Ltd, a Destinations Management and Marketing Company based in Ghana and with partners in many other countries. Please contact Philip with your comments and suggestions. Write to forealdestinations@gmail.com / info@forealdestinations.com. Visit our website at www.forealdestinations.com or call or WhatsApp +233(0)244295901/0264295901.V isist our social media sites Facebook, Twitter and Instagram: FoReal Destinations.

the laboratory results showed that a sample tested positive for salmonella. “Enron” became synonymous with large-scale corporate fraud and corruption. The investiga tion by the Securities and Ex change Commission and the U.S. Justice Department revealed that Enron had in ated its earnings by hiding debts and losses in sub sidiary partnerships. Lay Ken neth, the founder and chairman of Enron and Je rey K. Skilling, conspired to cover up their com pany’s nancial weaknesses from

The investigation also brought down accounting giant Arthur Andersen, whose auditors were found guilty of deliberately destroying documents incriminating to Enron. You see, when leaders lose touch with people who are a ected by their decisions - the customers, employees etc - and are hyper focused on the numbers, they are bound to make unethical decisions that, when the repercussions show, could be irrepara-

Industry leaders converge at 2022 Food Africa and Pacprocess MEA exhibition

Philip Gebu is a Tourism Lectur-

Hugh Parnell. PCA was a company that provided peanut and peanut butter products primarily to the "institutional food" market (schools, prisons and nursing homes), to food manufacturers for use in cookies, snacks, ice cream, and dog treats, and to other low-end markets.

involving 46 states, more than 360 companies, and more than 3,900 di erent products manufactured using PCA ingredients.

However, the next year, Enron’s stock price began ebbing. In fact, according to report on This Day in History (www.history.com/.amp/this-day-in-history/enron- les-for-bankruptcy), it dropped from $90.75 in August 2000 to $0.26 by closing on November 30, 2001.

On December 2, 2001, after Dynegy, another energy company backed out of a planned

By 2007, the company had grown to 90 employees and was doing $25 million in annual sales. It was estimated to be

On February 13, 2009, Peanut Corporation of America ceased all manufacturing and business operations, and led for bankruptcy liquidation. From February 2009 investigation continued and by September 2015, Stewart Parnell was sentenced to 28 years in prison.

federal inspection. In fact, one of the evidence against Stewart showed that he participated in a scheme to fabricate certi cates of analysis (COAs) accompanying various shipments of peanut products (https://www.justice.gov/opa/pr/former-ocials-and-broker-peanut-corporation-americaindictedrelated-salmonella-tainte d).

debts and losses in subsidiary partnerships. Lay Kenneth, the founder and chairman of Enron and Je rey K. Skilling, conspired to cover up their company’s nancial weaknesses from investors.

ASA supports Techiman Sabu-Zongo customers with free health screening

COAs are documents that summarize laboratory results, including results concerning the presence

years. ASA Savings and Loans will always continue to ful l its corporate social responsibilities and always support the community,” he said.

In addition to the free health screening, “we also plan to donate to orphanage homes, community schools, and award scholarship to the needy in soci-

The investigation also brought down accounting giant Arthur Andersen, whose auditors were found guilty of deliberately destroying documents incriminating to Enron. You see, when leaders lose touch with people who are a ected by their decisionsthe customers, employees etcand are hyper focused on the numbers, they are bound to make unethical decisions that, when the repercussions show, could be irreparable.

Godswill O. Erondu is the pioneer, Africa Workplace Leadership Summit. He is a leadership expert and works with organizations - private and public - to transform their leadership and culture in order to achieve superior performance and increased pro tability.

The ASA Savings and Loans Limited has organized a free health screenAbout 150 customers, mainly women who operate micro

The Techiman Area Manager of ASA Savings and Loans, Seth

Glovo Local launches to help small businesses thrive amid economic downturn

Launching in all 25 markets in which Glovo operates, Glovo Local is the rst such program in Europe, Africa, and Asia that provides a consolidated portfolio of services and solutions for small & medium-sized businesses, speci c to their needs.

Glovo, said: “Only 20% of merchants globally conduct their business online—highlighting the urgent need for more to nd routes to digitisation. More than 100,000 of the businesses we work with globally are small local businesses, and the cost-of-living crisis is weighing heavily on them.

mode. Glovo Local and all its brandnew technological capabilities have been developed with one goal in mind – to help these businesses not only see a way through current economic turmoil, but to go from surviving to thriving.”

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a toolkit to help them digitise their business while growing online channels.

Glovo aims to catalyse the online growth of small to medium businesses, as only 20% of merchants have digital presence globally

The launch coincides with research commissioned by Glovo showing 80% of restaurants and retailers are worried about their future

With in ation and rising utility prices putting pressure on both disposable consumer income and business margins, Glovo— a pioneering multi-category app —has today launched Glovo Local, a new program for small and medium-sized businesses in the retail and restaurant industries to enable them to digitise their products and services in order to boost their growth.

Services available to them include digital and operational solutions for their own channels and stores; dedicated tools to help them manage their operations at point of sale (from data insights to providing supply chain solutions), and grow their businesses with marketing and advertising capabilities to help them reach new customers and increase their visibility. All of this is embedded in an ecosystem of learning and development opportunities with dedicated tutorials and support within their digital journey.

Glovo Local is an all-in-one hub where local businesses can pick and choose solutions based on their needs and wants through a single site.

Rodrigo Alier, Executive Director, Partners & Brands at

Glovo aims to have more than 250,000 small local businesses online by the end of 2023. We acknowledge the role we play in helping those businesses thrive, and with Glovo Local we put them front and centre of our strategy, doubling down on our tech and operational e orts to bring them more and better solutions to boost their businesses. Using the tools Glovo Local provides, we can help them reach more customers, accelerating their way to growth and sustainable pro tability. This is how we pave the way for businesses to grow and boost local economies.

“From research we’ve recently conducted in nine countries, it’s clear that businesses are collectively expecting a tough time ahead. Every second business sees itself unprepared for the future. In the UK alone, that number goes up to 80%, with two-thirds already in survival

The launch of Glovo Local coincides with research commissioned by Glovo in nine markets. It found that 80% of small and medium-sized UK businesses in the retail and restaurant industries are worried about their future pro tability, and 32% were facing the challenge of reduced consumer spending. The research also shows that almost half of businesses in Spain (46%) are nding it di cult to keep up with the pace of change and 57% in Romania say consumers are more focused on digital experiences than in-store.

Many restaurants, retailers, and grocery businesses surveyed across Europe and Africa said that they scaled up their marketing and advertising e orts to combat lower consumer demand, but often lack the resources they need to carry out broad marketing activities. Glovo Local opens up vital routes for businesses into growth, innova-

MTN increases momo transaction limits Absa Bank unveils digital account opening

MTN MoMo has implemented the Bank of Ghana (BoG) approved increase in daily and monthly transaction limits as well as maximum wallet balances. The wallet transaction limit increase will facilitate efcient payments, encourage greater seamless transition into a Cash-lite society and promote more digital payments.

Customers with Daily Transaction Limits of GHC 1,000, GHC5,000 and GHC10,000 have had their limits increased to GHC2,000, GHC10,000 and GHC15,000 respectively. Additionally, Account balance limits of GHC2,000, GHC15,000 and GHC 30,000 have been increased to GHC3,000, GHC30,000 and GHC 50,000 respectively. Further to these increases, monthly transaction limits for customers with Medium and Enhanced KYC are limitless while customers with Minimum KYC have a limit of GHC 6,000.

The Ag. CEO of MobileMoney Limited, Mr. Shaibu Haruna expressed his delight over the upward reviews approved by the BoG, following engagements to assess the possibilities of reviews to enhance digital payments and ultimately drive the Cash -lite agenda.

He said, “MML following the approval has gone ahead to implement the directives to ensure that our customers enjoy the convenience of doing various transactions such as the Money Transfer, Bill Payments, receive Remittances, Buy Insurance, Buy Shares, Payment of school fees as well as general goods and services.” “We are calling on all customers to take advantage of the enhancement in wallet size to grow their transactions and improve their livelihoods.”

The upward reviews have been activated for all MoMo subscribers. However, Customers who require further enhancements on their wallet are required to provide any of the following documents:

• Utility Bill in customer’s name,

• Bank Statement,

• Registered Tenancy Agreement,

• Letter from your employer.

• Tax Certi cate

The document should be presented at any MTN Service Centre or engage MTN Ghana through its digital channels: Twitter: @MTNGhana or @AskMTNGhana; Facebook: MTN Ghana or WhatsApp:0554300000. Customers are advised to beware of the activities of fraudsters and report fraud issues by text to 1515 or 419.

Absa bank is living up to its promise of bringing the possibilities of its customers to life. With ovaer a century heritage in Ghana’s banking sector from its erstwhile Barclays brand, the bank continues to nd unique ways of entrenching its leadership in the banking and corporate sectors.

From today, new and existing customers do not need to go to the branch to open an account. With a click of a button on its website, customers can now open an account without any physical intervention, anywhere, anytime and on any device.

Customer needs are changing globally, fueled by fast-paced digital services and products. Progressive banks are racing ahead to nd innovative and creative ways to meet these needs in a very competitive banking landscape.

In Ghana, the pandemic paved the way for dynamic ways of engaging customers. Suddenly going to the branch became a challenge for some customers; who preferred to stay in the comfort of their homes and conduct transactions.

The new service by Absa drastically simpli es the account opening process and provides a huge relief and convenience for, especially new customers of the bank. The platform will also enable SME customers to submit applications online for processing in a seamless manner.

Absa’s Director of Retail Banking, Charles Addo said: “We are always listening and innovating to meet the needs of our new and existing customers. The pandemic taught banks a lot of things. The age of “branchless” banking is here and our digital account opening platform, highlights the extent we

are willing to go to make their lives better and more comfortable. A new way of banking is here, and we are excited to be an enabler.”

New customers can now access the digital account opening web-portal via the Absa Ghana website on https://www.Absa.com.gh/personal/bank and click on “Tell Me More” to begin the process.

Agric Minister appeals to Thai investors to invest in Ghana’s rice sector

As part of e orts to make Ghana an exporter of rice, the Minister of Food and Agriculture, Dr. Owusu Afriyie Akoto, has appealed to investors in Thailand to come and invest in Ghana’s rice sector.

He said Ghana has huge potential for rice production which is evident in its favourable climatic conditions, availability of arable lands and an open society with a vibrant democracy.

Dr. Afriyie Akoto made the appeal when a delegation of investors from Thailand, led by the Executive Chairman of the Jospong Group of Companies (JGC), Dr. Joseph Siaw

Agyepong, and the Honorary Consul of Ghana in Thailand, Dr. Sicha Singsomboon, paid a cour tesy call on him at the ministry on Friday, December 30, 2022.

He said Ghana can boast of about 40,000 hectares of land readily available to support large scale rice production, hence en couraged the Thai investors to take advantage of it and invest in the sector.

In addition, he assured the dele gation of the government of Gha na’s support for investors in the rice industry.

“Our rice production is seasonal, and, therefore, we want action targeted at planting rice in April, He said it was his ministry’s target to make Ghana self-sucient in rice production, which

has seen some signi cant gains. However, he added that more needed to be done to bridge the de cit.

On this score, Dr. Afriyie Akoto charged the Thai delegation to bring an action programme to his ministry for consideration.

He asserted that the intervention by the private sector in the rice industry was very crucial, noting that it will help in the government’s vision of commercialising the commodity.

While commending Jospong Group of Companies for venturing into rice production, he maintained that he will continue to give Dr. Siaw Agyepong all the encouragement and support in his e orts to help the government address the food security challenge in the country.

The delegation from Thailand also visited the Minister of Trade and Industry, Mr. Alan Kwadwo Kyere maten.

According to Mr. Kyerematen, the government was fully committed to ensuring the successful implemen tation of the Ghana-Thailand rice project.

“Government is fully on board in terms of providing the enabling en vironment and policy framework for this project,” he said.

He praised the Executive Chairman of the Jospong Group of Companies (JGC), Dr. Joseph Siaw Agyepong, for venturing into rice production.

He was very con dent that the project will be productive and inure to the mutual bene t of both Ghana and Thailand.

Trade statistics between Ghana and Thailand, he bemoaned, has not been encouraging, but stated that there was much that Ghana could learn from Thailand.

Early in 2022, the JGC commenced its integrated rice farming project. And in showing the seriousness JGC attached to the project, a team led by its Executive Chairman, Dr. Siaw Agyepong, visited Thailand to understudy the Thai rice sector in order to replicate their experiences and strategy in Ghana.

The object JGC was to partner with major rice industry players in Thai land to provide technical and equipment support for the entire rice value chain in Ghana with the aim of boosting rice production in Ghana.

This means the nation will pay an interest of 2.99% on the $3.0 billion over a period that will be determined by the terms and conditions of the Fund.

Already, the country is already seeking for debt cancellation via the G20 Common Framework programme, despite only poor nations eligible for it.

Vodafone Healthline doctor explains how kidney diseases are linked to high blood pressure

IMF hikes interest rate on SDRs

Member countries of the International Monetary Fund will pay more in terms of interest rate for loans contracted from the fund. This is because the IMF has increased its lending rate on its Special Drawing Rights (SDR) from 0.89 per cent to 2.99 per cent, representing an increase of 2.1 percentage points.

The new rate which took e ect on January 6, 2023, means that Ghana would have to pay more should the Bretton woods institution approve the US$ 3 billion programme.

Ghana is currently seeking an IMF-support programme to the tune of $3.0 billion that will span a period of about three years to revive its struggling economy.

In the fourth episode of the Vodafone Healthline Spin-O show, Dr Elliot Tannor, a nephrologist, talked about how chronic kidney diseases can lead to high blood pressure.

Dr Tannor explained to the host of the Vodafone Healthline show that kidneys help in the body's removal of waste and control of blood pressure.

As a result, damaged kidneys cannot regulate blood pressure, which might result in elevated blood pressure.

He added that high blood pressure could also result in renal failure or chronic kidney disease. The doctor described how kidney-related blood vessels could be impacted by high blood pressure and become narrowed. As a result, the kid-

neys do not get enough blood, which deprives them of the oxygen and nutrients they need to operate. This damages the kidneys' tiny blood vessels. He advised viewers to check their blood pressure often because high blood pressure has no warning signs or symptoms. The ideal way to reduce one's risk of renal disorders and high blood pressure, according to Dr Tannor, is to make speci c adjustments to one's lifestyle, such as exercising frequently, maintaining a healthy weight, eating healthily, and contacting your doctor for checks on both conditions.

The fourth episode of the Vodafone Healthline Spin-O show also debunked the notion that putting a thread on a baby's head prevents hiccups.

In response to the myth, Dr Aba Folson stated that there has not been any scienti c or medical research to back up the belief.

She clari ed: "The diaphragm contracts uncontrollably to cause hiccups. Whatever is in your hair has nothing to do with it. As everyone is aware, hiccups can occasionally be brought on by overeating, being overly full, or being dehydrated. Making sure that babies burp properly after feeding, keeping them upright for a while after feeding, and making sure they are well-hydrated are all simple steps you can take to try and reduce this problem in babies. However, when it does happen, it is not

pathological and even goes away by itself. If it makes you feel better, you can put a thread on the baby's head, but it will not change anything."

Through the Vodafone Healthline show, Vodafone Ghana has provided free medical education and interventions to the Ghanaian public. The show keeps giving out useful information through interesting content on selected media outlets and social media.

The Vodafone Healthline Spin-O edition airs on UTV on Mondays from 9:30 p.m. to 10:00 p.m. and on DGN on Tuesdays from 6:00 p.m. to 6:30 p.m.

Let’s train more specialized nurses to boost healthcare delivery –G-DNA Prez

By Eugene Davis

The President of the Ghanaian-Diaspora Nurses Alliance (G-DNA), Prof. Yvonne Commodore Mensah has called for the training of specialized nurses in order to boost healthcare needs of the citizens and also advance the profession in the country.

Available data shows the nurse-patient ratio currently in Ghana is 1:18, which means that at any point in time, one nurse is attending to approximately 18 patients.

This statistic presents the need for the training of more nurses especially in diverse elds, it is to this end that the Ghanaian-Diaspora Nurses Alliance(G-DNA), a non-pro t organization looking to advance the course of nursing in the country has been launched.

Speaking to journalists at the launch of G-DNA at the University of Ghana, Legon in Accra last Friday, Prof. Commodore Mensah said “we hope to connect all Ghanaian nurses wherever they are -nurses who have Ghana in their DNA to come back home to advance nursing

progress in training more nurses but the progress that we have made in training basic nurses has not translated in progress in training specialty nurses, so we need nurses who are trained in diverse specialty areas such as cardiology, diabetes, infectious diseases, cancer and we need this specialized training to meet the healthcare needs of Ghanaians, so we know that a lot of chronic conditions are now more common such as hypertension, kidney disease, diabetes so we need to make sure that the nurses that

quate level of specialization and training to be able to care for these patients.”

Opportunities

Further she indicated that the initiative has some prospects for nursing in the country, she said “At this stage we are at the process of listening and learning and understanding the unique challenges nurses in Ghana face and that is why we have breakout groups as part of the launch today -to hear from the nurses and we will take this information and analyse some of the feedback we have received to use this infor-

mation to design programmes, webinars, conferences, seminars and some of those things will be o ered in person, virtual so if there are nurses in the diaspora who have training in di erent areas they can still contribute to this mission and help to teach their fellow Ghanaian nurses in these di erent areas as well.”

Bee ng up professional nurses

The Director General of Ghana Health Service, Dr. Patrick Kuma Aboagye conceded that there was the need to beef up the number of professional nurses in the country.

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“Nurses leaving the country to Europe and other parts of the world, they are taking mainly the professional nurses and so there is the need for us to beef up the number of professional nurses, so what we are doing is rst to ensure that we expand the study leave for the auxiliary nurses so that in the next two to three years they can become professional nurses and also beef up the quality of nursing and healthcare in the country.

We have also established a system where we are looking around to do an assessment to see the real impact -what has been the real numbers that have left, we are

also ensuring that for those who have gone to study and have certi cates and are professional nurses, we assess and upgrade them, so we can balance of the proportion of auxiliary – professional nurses; because we need more professional nurses to ensure that services are done well.”

Prof. Lydia Aziato, Vice Chancellor of the University of Health and Allied Sciences who was the keynote speaker at the event stated that there are limited opportunities for specialized training, funding for education and other capacity-building opportunities for nurses and midwives in Ghana, which compound their service delivery.

“Although we have made signicant strides in increasing the number of schools of nursing and midwifery both in public and private institutions in the last decade, more work is still needed especially in the area of specialization.”

The G-DNA is global intervention to advance healthcare delivery by encouraging Ghanaian nurses abroad to contribute to advance nursing and midwifery education and practice in Ghana.

Ghana’s Startup Ecosystem: Connecting the dots

Ecosystem at a glance.

Ghana is becoming one of the most vibrant and developing startup havens on the continent. The country is nally catching up fast with countries such as Egypt, Kenya, Nigeria, and South Africa as some of the continent’s giants when it comes to startups.

Startups are often seen as businesses that are just starting out and have the potential to expand quickly. Due to variations in setup and vision, we can say that all startups are SMEs, but not all SMEs are startups.

These entrepreneurial endeavours are often founded by one to three entrepreneurs, who concentrate on creating a marketable product, service, or platform in response to a perceived market need.

Gleaning from continent-wide prospects, Africa is going digital as a result of a decade of economic expansion, rapid urbanization, internet penetration, and the bankability of its population.

Technological innovation is advancing quickly. Ghana is no exception, as internet penetration has increased over the past ve years.

Ghana is leading the area in technical innovation, and the number and size of digital enterprises are increasing, heralding the arrival of the Fourth Industrial Revolution in the nation (particularly since the onset of the COVID-19 pandemic).

As a result, the number of startups has dramatically increased.

Given that the majority of Ghanaian businesses are informal SMEs that still don't use technology or digital solutions, the

startup ecosystem's potential for innovation and growth in Ghana is still mostly untapped.

Talent & Government Plans

Talent is one of the key components of any start-up ecosystem, and Ghana is developing a sizable talent pool of future digital leaders.

Ghana's development is a result of a number of positive factors, including substantial consumer and business markets, highly developed entrepreneurial skills, and a robust corporate sector.

To succeed, most startups require the ideal combination of networks, nancial markets, rules, and culture. Over the past ten years, Ghana has created an environment with a lovely interplay of these elements.

The Ghana Government in recent years has launched various initiatives aimed at developing a robust entrepreneurial and startup ecosystem. For example, to tackle the Ghana government introduced the "National Entrepreneurship and Innovation Plan" (NEIP) in June 2017 as a $10 million program to address the funding gap and lower youth unemployment.

The government's main method for aiding start-ups and small businesses is now NEIP.

NEIP has given over 7000 entrepreneurs across ten areas of the country specialized training in entrepreneurship and business development through tech hubs.

Again, it has provided 500 of those 7000 entrepreneurs with some initial money to support their most viable business concepts. Additionally, the government promises to give tax benets to NEIP participants based

on how many workers they employ.

Africa Startup Acts

We are starting to witness momentum in the legislation space across Africa as more countries begin to nd the m iddle ground to launch Acts to regulate their startup ecosystem.

Startup Acts are extensive legislative and regulatory frameworks designed to promote entrepreneurship and make it possible for new businesses to develop with strong growth potential, typically by providing speci c incentives (tax, subsidies, procurement, etc.).

Tunisia, in 2018, paved the way as the rst country on the continent to pass the Startup Acts and this has been followed by Senegal in 2020. Other countries such as Rwanda, Mali, Nigeria, Ghana etc. have all activated conversation to be next in line.

Startups can function with the security provided by a de ned framework for expansion thanks to legislation. With the help of this legislative mechanism, innovative businesses with high growth potential are formed more quickly.

Startup hubs

We cannot certainly talk about the startup ecosystem without touching base on the availability of strategic organizations such as entrepreneurship hubs, which have become the key and major driver of growth.

Startups and incubator hubs have become inevitable when it comes to startup ideation, execution, and growth.

Entrepreneurs and startups need a lot of capacity-building

and support systems in order to succeed, and that is the critical role played by these entrepreneurship hubs, which are growing across various regions of the country.

While most of these hubs are technologically driven, there are equally some of these hubs that are speci c to certain niches, such as women's entrepreneurship, students’ entrepreneurship, as well as covering multiple sectors to sector agnostic hubs.

Annan Capital Partners is currently building a pipeline of critical support systems through their venture building platforms, including crowdfunding setups.

Starting up There are 1000 and 1 factors deemed critical to be considered before launching any business idea. These are mostly universally and globally acceptable factors and are not necessarily applicable to a single country.

It’s fair to say that in venturing into Ghana’s startup space, these would be some of the few key factors to be met.

A great idea

It is obvious that no company can grow if it doesn't have a brilliant idea. The growth of your company will be solely dependent on a brilliant and workable idea.

Additionally, you need to have a distinctive idea that stands out in the market because there are many competing businesses.

Passion

It can come o as naive. But if you're going to focus on making your business idea a reality for the next 12 months, enthusiasm is extremely essential.

If your business venture aligns with your passion, you'll succeed as an entrepreneur. Even if you start anything, if you don't believe in it, you might not be able to stick with it over the long term, regardless of how successful it may be.

It is one of the most crucial things that will enable you to overcome

all obstacles and challenges. You will encounter many dangers and di culties during this process, and your optimistic outlook will be the only thing that will keep you alive. To build your own business, you will have to put in a lot of e ort.

Funding

The funding of your business is the next crucial component that needs to be taken into account. You must accurately pinpoint the resources from which you will be able to obtain nance for your company.

Additionally, it is preferable to have a plan in place in order to properly manage a company's budget.

In our previous insights, we shared tips on Funding opportunities for startups in Ghana. That article will proof useful as well, as we will soon nd out that we cannot discuss the startup ecosystem without bridging the funding gap.

Scalability

It’s important to develop strategies around the scalability of your idea and adequately defend it.

Scalability can be viewed as a company's capacity to expand when faced with a rise in demand for its goods or services and the ease with which its organizational structure and available resources can do so.

Scalability, then, is the ease with which your rm can grow without being restricted by your organizational structure.

The business plan

Without a business strategy (plan), no company can grow to its full potential. You can get guidance and nd out if your idea is workable by creating a business plan. You will be able to determine every necessary next step with the aid of a company strategy.

Ghana’s Startup

Mozambique readies for developing Mphanda Nkuwa Hydroelectric Project

and an Electric Power Transmission Line from Tete to Maputo with 1,300 kilometres.

Budget: US$4.5 to US$5 billion, 60% for the construction of the dam and 40% for the power transmission line.

Strategic importance: The project will position Mozambique as an energy hub in southern Africa. It will provide lower cost energy in the country and region, contribute to universal access to energy in the country by 2030 and support rapid industrialization, with job creation, skills development and business opportunities (local content). Social and economic bene ts, in the form of royalties and income on concession fees for the Mozambican

groups for the new US$4.5 bil lion Mphanda Nkuwa hydroelectric dam, on the Zambezi River, located in Tete province that is estimated to generate 2,070 megawatts for Mozambique. It will be 700 metres long and rise 86 metres above its foundations, with 13 oodgates.

The tender for the "Selection of the Strategic Partner or Investor for the Development of the Mphanda Nkuwa Hydroelectric Project" nally in December recieved the results of the market survey carried out in September involving the critical aspects of structuring the project, alignment with potential buyers and shareholder participation. The structure of the energy transmission line, the methodology for selecting the strategic partner, the implementation schedule, among other relevant issues related to the project transaction.

According to Malaysian newspaper The Star, the process of selecting the seven potential investors was made at the end of an investor conference held in Maputo. It further wrote that there were two individual companies and ve large consortiums that previously visit-

have capacity to produce 1,500 megawatts, making Mphanda Nkuwa the second-largest hydroelectric dam in the country, after Cahora Bassa Hydroelectric (HCB), which generates 2,070 megawatts. With the two infrastructures in fully operational energy production, Mozambique hopes to achieve the goal of universal access to energy and respond to the growing energy de cit that plagues southern Africa.

General Director of the Mphanda Nkuwa development o ce, Carlos Yum, envisaged that during the construction phase, more than 7,000 jobs will be created, and 50 percent of the energy generated will be exported, contributing to the country's economy and thus making a regional energy hub in Mozambique.

The Mphanda Nkuwa project will be a lower-cost power generation option which will position Mozambique as a regional energy hub, and contribute to universal access, industrialization, job creation and technical training while generating tax and concession fee revenue.

The project is fundamental for the energy transition and de-

which nancing is expected to be de nitively concluded.

The project will take a total of six to seven years to complete.

Of the approximately US$5 billion price tag, 60% is for the construction of the dam and 40% for the power transmission line. At this moment, the development o ce is preparing the launch of public tenders for the updating of the project's feasibility studies.

By December 2022, the o ce will launch a tender for the identi cation of the strategic investment partner, whose nancial closing a 2024 deadline has been set. In terms of shareholding, the Mphanda Nkuwa project will have the participation of the Mozambican state, through Electricidade de Moçambique (EDM) and Cahora Bassa Hydroelectric [(HCB), with between 30% and 35% of shares. The remaining 65% will be secured from private investors.

Carta de Moçambique also informed that there would be consultants involved – from Brazil, the United States, Sweden and South Africa – to assess possible problems asso-

e ectively manage Mphanda Nkuwa.

A press release from the Mphanda Nkuwa Implementation O ce said that these companies and consortia had replied to the tender launched in December 2021, and delivered their pre-quali cation documents before the deadline, rst xed on 28 February but, at the request of several of the bidders, it was extended to 18 April. It is hoped that construction of the new dam (which has been on the drawing board for decades) will nally begin in 2024. Construction will last for at least seven years.

According to the media release by the Mphanda Nkuwa Hydroelectric Project Implementation O ce, the main objective is to ensure the coordination of actions for the implementation of the Mphanda Nkuwa project.

Location: The Mphanda Nkuwa Dam will be located in Tete Province, Centro region, on the Zambezi River, 61km downstream of the Cahora Bassa Hydroelectric Power Plant.

Project description: The Hydroelectric Power Plant will have a capacity of up to 1,500 Megawatts

Environmental approach: The project will be implemented in strict compliance with national standards and internationally accepted best practices for the development of projects of this nature, to mitigate negative impacts and maximize positive aspects. In this context, the Mphanda Nkuwa Hydroelectric Project Implementation O ce recently signed an agreement with the International Hydroelectricity Association for the assessment of the project's sustainability, including training and capacity building.

Mozambique News Agency reported, citing government sources, that there were eight international consortiums interested to become strategic partners of Mozambique in building the Mphanda Nkuwa dam, with electricity production: ETC Holdings Mauritius, Longyuan Power Overseas Investment (Chinese), PowerChina Resources, WeBuild Group, Scatec (Norway), Sumitomo Corporation, EDF and Kansai Electric Power (Japan).

With an approximate population of 30 million, Mozambique is endowed with rich and extensive natural resources but remains one of the poorest and most underdeveloped countries in the world. It is one of the 16 countries, with a collective responsibility to promote socio-economic, political and security cooperation within the Southern African Development Community.

For instance, a crucial component of creating a business plan that many entrepreneurs skip over is competitive study, allowing you to be on guard against new entrants and how to overcome such competitors e ectively.

Company Registration

The completion of legal paperwork is a crucial component that must be taken into account. The rst stage will be to register your business, and the documentation of this is referred to as business formation documents.

It’s a mandatory requirement to get your business registered in Ghana, (Registrar Generals’ Department/Registrar of Companies).

Entry barriers

This de nes how simple it will be for you to set up, but it also indicates how erce the competition will be. A low entry barrier industry is frequently overrun with shoddy start-ups. It can be quite challenging to distinguish out in a niche like this.

This will easily become known to you during the preparation

of the business plan.

Opportunities for startup ideas in Ghana abound across all sectors. It’s almost certain that every sector of the Ghanaian economy has room for more business ideas and opportunities.

Technology is changing how entrepreneurs can create these

ian economy.

Annan Capital Partners is leading in building a venture support systems for Ghanaian startups, after initiating the yet to be launched Agoo Africa crowdfunding platform.

“Agoo Africa is a crowdfunding platform for African ear-

-

Paul Frimpong, CGIA, ICCE Paul Frimpong is a development economist, top voice on Sino-Africa relations, and an award-winning entrepreneur.

He’s currently the Global Head of Strategy & Membership at the Institute of Certi ed Chartered Economists (ICCE).

This article is originally curated for and published by: Annan Capital Partners.

Annan Capital Partners (ACP) is a boutique investment advisory and business development agency o ering holistic wealth management and venture building services to a wide range of clients, from entrepreneurs to governments and from local SMEs to global corporations.

https://annancapitalpartners.com/ py.frimpong90@gmail.com

“When launched, it will allow owners of such businesses to make their project and their pitch accessible to a large number of investors, from young non-professional business angels to established international funds.”

Ms. Eunice Golloh, the President and Founder of Impact Wave Initiative, a women community driven non-pro t organization, has charged women to continue upgrading themselves in order to equip themselves to challenge the status quo and make a meaningful contribution to national development.

She made the call when her organization hosted its maiden “Impact Conference 2022” on Thursday 22nd December 2022 at the Holiday Hotel in Accra. It was a deep conservation about women empowering one another, looking out for each other and building synergies amongst themselves for growth.

In her welcome address, she said, “knowledge is an important currency today and there are several ways of acquiring knowledge now. With convenient online options to enhance skills and earn new certi cations, it is important for women to make sure that they remain ahead of the curve. This is one of the ways to ensure that people come to you for your expert knowledge and remain relevant”, she emphasized.

She further admonished women not to wait around, rather be more proactive and assertive.

“It is a well-known fact that women underestimate themselves all the time. On the other hand, men grab opportunities even if they feel they are not

It’s time we make systemati c effort towards self-sufficiency

—President Akufo-Addo

President Nana Addo Dankwa Akufo-Addo has underscored the need for Ghana to make a systematic and conscious e ort towards self-su ciency.

According to him, developing Ghana’s self-su ciency and its food security was one major challenge.

However, he bemoaned the fact that a lot of money was spent on importing, especially foodstu s, into the country.

“We spend a lot of our money importing foodstu s into Ghana, and it has been going on for too long. And I think now is the time that we are going to have to make this systematic e ort to be self-su cient and depend on ourselves for things that we eat,” he said.

President Akufo-Addo made the statement when he received a delegation of investors from Thailand, led by the Executive Chairman of the Jospong Group of Companies (JGC), Dr. Joseph Siaw Agyepong, and the Honorary Consul of Ghana in Thailand, Dr. Sicha Singsomboon, on Friday, December 30, 2022, at the Jubilee House, the seat of government.

The delegation, who comprised some twenty (20) investors, were in Ghana to cement a Ghana-Thailand Rice Project being spearheaded by the JGC, and to also explore other possibilities of investing in Ghana’s

agriculture sector.

The President expressed excitement at the partnership and collaboration between Ghana and Thailand in the rice sector.

“Countries like yours [Thailand] and others have done it. And if you have done it, others can also follow and emulate your example. And I am excited by the idea of getting into bed with people who are known to have succeeded,” he expressed.

In learning from Thailand, President Akufo-Addo was upbeat that Ghana will be moving towards a system of agricultural inputs that will reduce its dependence on agricultural chemicals imported from countries such as Russia and Ukraine.

“…and now we are going to be dealing with organic fertilisers, which is better for our soil, better for our pockets and generally as environmentally friendly and conducive than what we have been using up till today,” he noted.

“And if we are able to develop that here in Ghana, it will mean that we would not have to worry ourselves importing inorganic fertilisers from Ukraine and Russia so too much and be dependent on others,” he said.

He, therefore, tasked the Thai investors to endeavour to have some concrete understandings and arrangements with the various stakeholders in Ghana’s rice sector and agriculture industry in general.

ready and this makes a huge difference”, she added.

The successful event, which attracted hundreds of young women from across the nation’s capital and beyond, provided a platform for women to share their real life experiences and discuss solutions to challenges women are confronted with.

The distinguished panellists and speakers at the event included Ms. Ablah Dzifa Gomashie, former Deputy Minister of Tourism of the Republic of Ghana, Ms. Abigail Nikoi, a Business Development Professional and Marketer, Ms. Pearl Laryea, a Pastor and Entrepreneur and Ms. Cordelia Ama Selormey, a Media & Communications Con-

Impact Wave Initiative Founder urges women to upgrade themselves to challenge status quo

cated to assisting young women build themselves to their best potential through mentorship, workshops, and physical development. Its vision is to change the concept and mindset of today’s women to change the narrative.

Impact Wave Initiative is dedi-

He explained that this would bring forth a roadmap on how the two countries will grow and develop this relationship.

“But it is something that will be extremely bene cial to our country. We want to be able to work very closely with you to achieve our common goals. You have your new market to develop, and we also have our development that makes sense for our future. So let’s hold hands and do something pro table for you and for us,” President

Earlier, the delegation paid courtesy visits to the Ministers of Finance, Ken Ofori-Atta; Foreign A airs and Regional Integration, Ms. Shirley Ayorkor Botchwey; Food and Agriculture, Dr. Owusu Akoto Afriyie, and; Trade and Industry, Alan Kwadwo Kyerematen.

All the four ministers assured the investors from Thailand of government’s support to ensure that the Ghana-Thailand rice project becomes successful.

Early in 2022, the JGC com menced its integrated rice farm ing project. And in showing the seriousness JGC attached to the project, a team led by Dr. Siaw Agyepong visited Thailand to understudy the Thai rice sector in order to replicate their expe riences and strategy in Ghana.

The object of JGC was to partner with major rice industry players in Thailand to provide technical and equipment support for the entire rice value chain in Ghana with the aim of boosting rice production in Ghana.

sultant. Ms. Selina Bentoom, the Executive Director for African Foundation for Premature Babies & Neonatal Care (AFPNC), excellently moderated the event.

An insurrection foretold

By Robert Muggah

The storming of Brazil’s democratic institutions this weekend was no spontaneous “accident.” Conspiratorial plots and appeals for a military coup have been circulating on far-right social media for months, and they predictably intensi ed after Luiz Inácio Lula da Silva defeated Jair Bolsonaro in the presidential election last October. They sky-rocketed in the days before this weekend’s protests rocked Latin America’s largest country.

Most of the militants who targeted the National Congress, the Supreme Court, and the Presidential Palace simultaneously were menacing amateurs. Like most of the insurrectionists who stormed the US Capitol two years ago, they used the occasion to trash ofces and take sel es (including with several police o cers who seemed loath to intervene). But make no mistake: this violent assault constitutes the most signi cant threat to Latin America’s largest democracy since the 1964 coup that ushered in two decades of military dictatorship.

Far-right protesters’ belief that the 2022 election was somehow “stolen” from Bolsonaro is not surprising. For years, Bolsonaro, his sons, and a clutch of advisers, in uencers, and political operatives known as the “hate cabinet” have spoon-fed their supporters a steady diet of disinformation and misinformation.

The goal was always to undermine the foundations of democracy itself. During Bolsonaro’s four years in o ce, he

and his allies challenged the integrity of the electoral process and peddled spurious claims of rigged elections and malfunctioning electronic voting machines. Bolsonaro then lit the fuse for the attack and ed the scene of the crime. Rather than participating in Lula’s inauguration – in keeping with the country’s democratic tradition – he decamped to a rented house in Orlando, Florida. He has denied any involvement in his supporters’ behavior.

The parallels between Brazil’s violent protests and the January 6, 2021, insurrection in the United States are also not an accident. Bolsonaro is a fervent admirer of former US President Donald Trump, and he has been advised by former Trump aides such as Steve Bannon and Jason Miller, including in the weeks following his election loss. After meeting with Trump and his aides in November, Bolsonaro’s son, Eduardo, circulated a video of Bannon spewing conspiracy theories about Lula’s supposed use of voting machines to steal the election.

Following the January 6 insurrection in the US, Eduardo Bolsonaro claimed that, had the protesters been more or-

repower to assure nobody (among the rioters) would die, kill all the cops inside – or the congressmen they hate so much.” Bannon has since enlisted Eduardo Bolsonaro to serve as the South American emissary for his own global populist campaign, The Movement.

Like Trump in 2020, Bolsonaro refused to concede the election. Instead, he and his sons vigorously contested the validity of the process, tried to overturn the results in the courts, challenged the legitimacy of the incoming president, and urged their supporters to take to the streets.

Some of Bolsonaro’s most devout followers heeded the call, setting up physical encampments in the capital, Brasília, organizing protests, encouraging truckers to set up blockades, and spreading social-media messages advocating a military intervention to prevent Lula from assuming power – an endgame the Bolsonaro family regularly hinted at in the past. When the expected coup failed to materialize, Bolsonaro’s most devout supporters took matters into their own hands.

The insurrection was swiftly

shut down after Lula decreed a federal emergency. Over 1,000 rioters have been arrested. Yet, as in the US after January 6, millions of Brazilians were stunned to see their capital so easily overrun. The country’s top government bodies were breached in minutes, and while there is plenty of blame to go around, most of the attention has focused on the capital district’s governor, his head of public security, and complicit state police. Within hours, the Attorney General’s o ce called for the arrest of Brasília’s public security secretary (who was previously Bolsonaro’s justice minister), and the Supreme Court removed the governor of Brasília for 90 days, pending a full investigation. Lula, his minister of public security and justice, and the Supreme Court have vowed to prosecute all those involved.

The restoration of order does not mean that Brazilian democracy is safe. While the insurrection may unify parts of society against the radical fringe, social-media activity already suggests that polarization could deepen in an already bitterly divided country. Many militant demonstrators and right-wing sympathizers will feel emboldened by their assault. Some of those who were carted

away to jail will be held up as martyrs and heroic defenders of liberty and freedom. By labeling them “terrorists” and “fascists,” the government and the mainstream media risk alienating millions of Bolsonaro’s more moderate supporters.

Democracy can never be taken for granted. The same buildings, which house the so-called “tres poderes” (three powers), that were ransacked this weekend were the sites of a jubilant inauguration event just a few days earlier. Democracies start unravelling when large segments of the population lose faith in institutions and mistrust elected authorities and public servants. And as we have seen in Brazil and many other democracies around the world, social media tend to accelerate this process, especially when it is fueled by elected leaders who are themselves hostile to democracy, as was the case with both Trump and Bolsonaro. Bolsonaro left o ce facing over 152 impeachment requests, many of them for abuse of elected o ce.

The Lula administration now faces a massive challenge. Investigating the violent protests and restoring faith in democratic institutions will dominate the domestic agenda, diverting attention from e orts to address urgent social, economic, and environmental issues. Just under half of Brazil’s voters still either support Bolsonaro or view Lula and his Workers’ Party with lingering suspicion over the corruption scandals of his previous presidency in 2003-10. While this weekend’s scenes of vandalism may repulse most Brazilians, mishandling the fallout could deepen anti-democratic sentiments. As in the US, rounding up and jailing the insurrectionists is the easy part. Healing the divisions that motivated them will be

MobileMoney Limited (MTN MoMo) has rewarded its top performing Agents, Merchants, and Mobile Agents at the 2022 MTN MoMo Awards.

Over one thousand awards were given out during the Awards ceremonies held in Takoradi, Kumasi and Accra for vendors in the South-West, Northern Ghana, and South-East Business Districts of Mobile Money Limited.

Big Joe Ventures, located at Kasoa, Kingdom Books and Stationery (KNUST Branch) and My Kids Pride Links Limited, Tema emerged the overall winners for the various Business Districts, each taking home a prize of GHC 50,000 e- cash, a Motorbike, and a certi cate of honor as well as other prizes.

Other top-performing Agents, Merchants and Mobile Agents were rewarded with motorbikes, smart TVs, laptops, CCTV Camera's, E cash, certi cates among others. The winners were rewarded for their dedication and commitment to providing millions of Ghanaians with mobile nancial services nationwide. They were selected based on the value and volume of transactions done in the year under review, the number of new subscriptions and a zero record of fraud.

Speaking at the various events, Ag. CEO of MobileMoney Limited, Shaibu Haruna, thanked various stakeholders for their immense contributions to the growth of the MoMo service. He attributed the growth of the service over the years to the relent-

less e orts of several stakeholders especially MoMo Agents, Merchants, and other valued partners.

He added that despite the challenges the service faced in 2022, the future of Mobile Money looks more promising with the emerging opportunities in digital payments and building a cash-lite economy. He also called on all stakeholders to help combat fraud.

“The next phase of our business will be more exciting as we work to roll out several innovations and initiatives in line with our Ambition 2025 strategy of leading digital solutions for Africa’s progress, driving socio-economic growth and creating more value for our valued partners and stakeholders,” he said.

Currently, MTN MoMo has over 276,000 agent points across the length and breadth of Ghana and over 240,000 merchant points and over 12 million active users. MTN MoMo Awards seeks to

celebrate and recognize the efforts of agents, merchants and mobile money agents who have contributed immensely to the growth of the service across the country.

Towards single African currency

By Benjamin Kwame Amankwa

The recent global economic challenges attributed to the COVID-19 pandemic and disruptions in supply and procurement as a result of the Russian-Ukraine war and the accompanying geopolitical issues have rekindled the debate on the economic integration of African countries. Notwithstanding the global effects of the con ict such as challenges in grain and fertiliser shipments, African countries with their fragile economies seem to be hard hit. According to the African Union Commissioner for Agriculture, Ms Josefa Sacko, Russia and Ukraine are major players in the export of wheat and sunower to Africa.

ow of development nance on the continent.

Surge

The surge in oil and gas prices is another challenge. The uctuations in global oil and gas prices have led to an astronomical increase in transport fares leading to a high cost of living, increased in ation, and instability of most African currencies. According to the 2022 African Economic Outlook report released by the African Development Bank, Africa’s Gross Domestic Product (GDP) is a ected by the lingering e ects of the COVID-19 pandemic, and Russia’s invasion of Ukraine.

In West Africa, Ghana is struggling under the weight of weak economic policies, mismanagement and huge debt. For the citizens of Ghana, the uncertainties of the new year in terms of the

and Catherine Pattillo, two main reasons account for the African monetary union. The rst reason is the Euro’s successful launch, which they claim has stimulated the regional quest for common currencies.

Secondly, they stated the desire of African countries to counteract the perceived economic and political weakness. While these may be the remote perceptions of most people, the demand for a monetary union, a single currency and even African integration cannot merely be because of these reasons.

The need for African countries to restructure their economies and insulate them against external shocks, and the need to have a relatively

unanimous agreement on its relevance and need, little to nothing has been achieved. Experts attribute the failure to severe scal problems, the lack of credibility of African central banks and nancial institutions, and the quest to link monetary unions to regional integration. The major challenge, however, has been the lack of political will on the part of African governments. In the year 2003, fty-three member states of the African Union renewed the call for a single African currency.

The plan was to create monetary unions in some existing regional communities, which will serve as an intermediary toward creating a single African central bank and curren-

within existing sub-regional com munities like the eco for West Africa has not seen the light of day.

Concerted e ort

The need for a common African currency cannot be overempha sised. It however requires a con certed e ort, commitment and decisive action by African gov ernments to achieve. African countries cannot continue blam ing external shocks for their eco nomic challenges. The global future is not dependent on aid from the West, as most African countries have relied on that for years. The forward match for Africa requires a joint commit ment toward creating a monetary union of Africa even if not an im mediate political integration.

The Writer is a Marketing & Com munication consultant

E-mail:benonymullray@g

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Planning your cash flow can make your difference

be a bigger thrill than a major shopping spree.

This is the fth feature column in our Improving Financial Awareness & Financial Literacy Series, and it is on managing your cash ow.

Managing your cash ow and the use of your money is an excellent way to gain power over your life. You are the one who should be in charge of the choices and tradeo s. If entertaining frequently in your gourmet kitchen is what you crave, or diving in a late model luxury car, or playing golf at championship courses, or if you like dining out at fun restaurants, or traveling to distant places that are perfectly OK; PROVIDED it works within your overall cash ow plan.

With a complete and realistic cash ow plan, you will be able to enjoy your pleasures without guilt, knowing that you are working toward your other nancial goals and managing your money properly. Cash ow management can be an important enabling force, helping you to cut spending on items and services you do not really need in order to achieve what you want most in life.

You may even discover that you get an unexpected degree of satisfaction from saving and investing. People who succeed in creating and sticking with a cash ow management plan often nd the process itself can reshape their priorities.

Getting a bank statement that shows a hefty balance, or seeing a signi cant jump in your investment portfolio can

As you become more systematic and strategic about making the most of your money each day, you will begin to see new opportunities. One of the biggest benets of e ective cash ow management is forming a di erent attitude toward money—a way of thinking that will help your spending and nancial decision-making.

THE BIG PICTURE

In its simplest terms, cash ow management means guring out what resources you have and deciding how you want to allocate them for spending, saving, investing and your future.

If you have tried a cash ow management program in the past and gotten bogged down, or never had a cash ow management system, or your cash ow needs some ne tuning the following simple Cash Flow Planner can start you on your way. The system was developed to help you quickly and easily get a good understanding of how your money ows.

You will need about 60 minutes, paper and pencil, a calculator or computer spreadsheet, last year's check register, monthly credit card statements, pay stubs, employee bene t statements, tax returns and a things-to-do list to jot down notes about any missing information you will have to gather later.

Place your name and the date at the top of the paper or spreadsheet. Then create nine columns and label them: Payment Period, Weekly (x 52), Semimonthly (x 24), Monthly (x 12), Quarterly (x 4), Semiannually (x 2), Annually (x 1), Budget Total (Sum) and Average Monthly (Budget Total divided by 12).

(If you would like a free copy the Your nancial PARTNER Cash Flow Planner in Excel, you can download one at https://www.home.the nanciala -

warenessfoundation.org/p d.

gories mentioned in the accompanying checklist. As you place the values in each appropriate column, multiply the number by the factor in the column heading, then record the results in the Budget Total column.

For example, if you get paid a $3,000 salary twice a month, place $3,000 in the Semimonthly column. Multiply it times 24 and put the total of $72,000 in the Budget Total column. Then divide it by 12 to get your Average Monthly of $6,000.

Continue this way for each income item listed, then add a Total Income line and total the Budget Total and Average Monthly columns. Do the same for each of the expense categories. It is OK to add additional categories if you like.

Last, add a Surplus/(Shortages) line and subtract the Total Expenditures from the Total Income. EVALUATE YOUR FIGURES

Are you spending or saving more than you are making? Were you aware of how much cash ow you manage? Are you satis ed with what you see? Revisit your numbers and see if there are any appropriate adjustments to be made to balance your budget or to reach your nancial goals. This exercise should give you an understanding of how you are earning and spending your money.

Now that you have an overview of your spending, saving habits and cash management, it is time to make decisions that will enable you to meet your nancial goals. The objective here is to adopt a cash ow plan that will allow you to live within your means and

give you extra money to invest for your future.

If you are a big-picture person, you can use the Average Monthly income and expenditure gures from the Cash Flow Planner, understanding that some months will naturally be more or less than this average. Annually review and update your Cash Flow Planner, and you are good to go.

If you are a more detailed person, you may want to expand the Cash Flow Planner by creating a column for each month to not the actual Totals with a Grand Totals column for the entire year.

On a monthly basis, using the data from your pay stubs, checkbook register and credit card statements, check to see that you are within your cash ow plan. If you are not, ask yourself why, then make immediate corrections before you get yourself into a major bind or be forced to take on unnecessary debt.

Now you are in a proactive mode, taking the initiative to move systematically toward the nancial results you want. Over time your cash ow plan will change as your circumstances and goals change. Whatever your needs, if you follow your plan and spend within your means, you will have a money management system that will adapt to your needs.

COST-CUTTING MONEYMAKING GAME

Personal cash- ow management and managing your spending habits are key areas of personal nancial management, and are concerns for many families. With fantastic new products arriving in the market daily, managing available cash becomes quite a challenge. To play the game click on the link below. https://www.home.the nan -

cialawarenessfoundation.org/pdf/016.TFAF-Ghana-Cost-CuttingG ame.pdf

As you put the pieces of your nancial picture together, you may be surprised by some of the information assembled. Or you may simply have lled in details of what you already knew. In either case, you are bringing a new level of organization to your nancial life.

Just as important, gathering this data will heighten your awareness of your own nancial needs, choices and issues. When it comes to managing your money, that awareness is one of the real keys to success.

This is fth in a series outlining the Your nancial PARTNER Personal Financial Management System. Next time, we will examine employment bene ts, your "hidden paycheck," and see how you can maximize their value.

For additional information visit us at

• Dr. Benjamin Amoah - UGBS, CEFIS Accra Ghana http://ugbs.ug.edu.gh/association

• Peter Kwadow Asare Nyarko - CFLE, Accra Ghana https://c eafrica.org/

• Valentino Sabuco –TFAF, USA https://home.thenancialawarenessfoundation.org/

Dr. Benjamin Amoah UGBS, CEFIS Accra Ghana Peter Kwadow Asare Nyarko CFLE, Accra Ghana Valentino Sabuco – TFAF, USA