Investment Times Newspaper 2023 Edition | Issue 41

Provisional estimates from the Ghana Statistical Service indicates that Ghana’s economy expanded by 3.1% in 2022, 0.6% lower than 3.7% forecast by the government.

This is below Ghana’s average Gross Domestic Product (GDP) growth rate of 5.0% pre-Covid-19.

It beat most analysts forecast as the African Development Bank in January 2023 had projected that Ghana’s economy grew by 3.6% in 2022.

In 2021, post Covid-19, the economy grew by 0.9%.

According to the GSS, Industry recorded a GDP growth rate of 0.9%. But the Manufacturing sub-sector (-2.5%), Electricity (-3.3%), Water and Sewerage (-4.9%) and Construction (-4.0%) sub-sectors contracted.

In that sector, the Mining and Quarrying sub-sector recorded the highest year-on-year annual GDP growth rate of 8.1% for 2022.

Also, the Agriculture sector expanded by 4.2% for 2022.

The Fishing sub-sector recorded the highest year-on-year growth rate of 8.8 % in the agriculture sector, while the Forestry and Logging sub-sector recorded the lowest with a (1.7%). The Services sector recorded

GRA cautions truck drivers against tampering with transit goods

While ChatGPT has created something of an Arti cial Intelligence (AI) storm in recent months, AI is anything but a new concept. In fact, businesses have been using it, to a greater or lesser degree, for decades now, whether to automate basic processes, analyse datasets, or deliver digital customer support.

What ChatGPT has done, however, is raise awareness of the potential that AI has to add signi cant value to businesses of all shapes and sizes. Chief Information Ocer at First National Bank, Samuel Dakurah explained that, as an AI language model trained to understand and respond to human language, ChatGPT has itself become a popular way for many businesses and employees to save time and improve e ciencies.

“However, while there are

Economy grows 3.1percent in 2022

the highest GDP growth rate of 5.5% for the year 2022.

The Information and Communication sub-sector recorded the highest year-on-year GDP growth rate of 19.7%, while the Professional, Admin and Support Services sub-sector recorded the lowest with a contraction of 10.9%.

GRA cautions truck drivers against tampering with transit goods

As part of measures to improve the declining rate of transit trade along Ghana’s corridors, the Customs Division of the Ghana Revenue Authority (GRA) has cautioned truck drivers against tampering with transit goods in their bid to repair their broken-down vehicles while they are transporting goods.

The Head of the Transit Unit of the GRA, Assistant Commis-

sioner Peter Antobre Ofori made this known at the Transit Shipper Committee meeting held under the auspices of the Ghana Shippers’ Authority (GSA) last month. In his presentation, he said, “failure to report incidents that occur in transit to the Customs and solving them by tampering with the goods or otherwise is tantamount to infractions which attract penalties”.

According to him, the GRA has noted the worrying phenomenon of transit cargo weight misreporting on Ghana’s corridors and is concerned about the potential revenue loss to the state.

He said that penalties have been outlined to deter such practices including the seizure /detention of goods, blocking of Agents from further transiting through the country’s cor-

ridors and prosecution.  According to him, adhering to the procedures for managing unexpected events will go a long way to improve the declining rate of transit trade on Ghana’s corridor which has been attributed to the enforcement of rules that govern the trade.   Head of the Freight and Logistics Department of GSA and Chairman of the Transit Shipper Committee, Mr. Fred Asie-

Morgan Stanley net revenues hit US$14.5bn first quarter 2023

du-Dartey called for an all-hands-on-deck approach to dealing with the decline of transit trade on the corridor.

The Representative of Burkina Faso’s Shippers’ Council in Ghana, Ms. Denise Bado Bouba backed the call by Mr. Asiedu-Dartey and further asked for pragmatic steps to be taken to address the challenge.

market environment compared to a year ago and lower results in Investment Banking.

Wealth Management attracted signi cant net new assets of $110 billion during the quarter. Net revenues were $6.6 billion, and the business delivered a pre-tax margin of 26.1%.

Investment Management results re ect net revenues of $1.3 billion on AUM of $1.4 trillion amid declines in asset values from a year ago

The benefits and potential difficulties of ChatGPT as a business tool

in a matter of seconds.

This can be particularly helpful for small businesses or start-ups that may not have the nancial or human resources at their disposal to conduct extensive research on their own. It can be a quick, cheap, and useful way to conduct market research, identify trends, and gather insights into customer behaviours.

many bene ts to using ChatGPT, there are also a number of limitations, even risks, that businesses should keep in mind in order to ensure that they are indeed making the most of this exceptional technology” he said. Samuel shares some pros and cons for users of ChatGPT.

The rst, and arguably most valuable,

of these bene ts is the opportunity that ChatGPT presents for businesses to save time when gathering knowledge or doing research. Instead of spending hours scouring the internet or consulting with expensive experts, businesses now have the option to simply ask ChatGPT for information on a particular topic and receive a response

However, it's important to be aware of the fact that the information ChatGPT provides is highly contextual. While ChatGPT can quickly identify trends and patterns, it is unlikely to be able to provide the same level of analysis as a human researcher. Therefore, businesses must balance the bene ts of speed and e ciency with the need for accuracy and depth of analysis. “For example, if a business asks ChatGPT "What is the best way to win customers between income categories?” the response they will receive is likely to be very generic, without the addition of signi cant values or real strategic insights that they do not already have. The reason is simply that ChatGPT does not know any of the ner nuances about the business, or the geographic and demographic factors that may in uence its marketing efforts. So, the response, while probably fairly accurate, will likely be far too broad to be useful”, he cautioned.

The second bene t of ChatGPT is that it can help businesses

improve e ciency by automating certain tasks. For example, ChatGPT may be useful in generating generic content for social media or marketing campaigns, thereby saving businesses time and resources. However, this content is once again going to be generic and may not capture the ner marketing requirements of the business. It is unlikely to be aligned with a business's brand or messaging and it may not always be able to capture the subtleties of the brand voice. As a result, businesses need to be careful when using ChatGPT to generate content and ensure that it aligns with their overall branding and messaging strategy.

The third business bene t of ChatGPT – and possibly the one that has the potential to be of highest value - is that the AI platform can serve as an objective sounding board for those looking to gure out whether they are asking the right questions about their business. By asking ChatGPT for information on a particular topic, and then critically assessing the responses they receive, businesses can gain valuable insights into whether they are actually asking the right questions or focusing on the right intelligence that will help them grow and prosper.

“When asked the right questions, in the right way, ChatGPT may identify patterns and trends that would not be immediately apparent

to human researchers. This can help businesses identify blind spots in their operations or generate new ideas for growth. This feature of ChatGPT can be particularly helpful for businesses that are just starting out, or those that are looking to pivot in a new direction based on market movements or competitor pressure,” Samuel explained. Of course, it's important to remember that ChatGPT's insights are only as good as the questions it is being asked. In other words, if a business is asking the wrong questions or focusing on the wrong information, ChatGPT may be unable to provide the insights they need. This means that any business wanting to derive worthwhile bene ts from ChatGPT needs to be highly strategic in its use of the platform.

Ultimately, it is imperative that business users of ChatGPT keep in mind that it is a tool, not a solution. While it can undoubtedly assist with certain tasks, it’s no substitute for human insight and creativity, and it should never be the sole source of business intelligence or market information. “As fantastic as ChatGPT may seem, an AI language model is not (yet) a substitute for a holistic business approach, built on relevant quantitative and qualitative data, and underpinned by deep experience and an integrated approach to understanding markets and customers” he concludes.

Ghana’s mission in Italy welcomes Shirley Ayorkor Botchwey to Rome

conducive and investor friendly business environment, with a vibrant private sector which is well positioned for mutually bene cial commercial partnerships with international companies.”

The Ambassador said that Government’s ongoing programmes had positioned Ghana as a “frontier for industrialization and manufacturing in the Region.”

She added that industrialization would add value to the natural produce that Ghana is endowed with and would create employment and stimulate export opportunities. She stated that Ghana’s foreign missions abroad have a role to play in identifying opportunities in Ghana and to attract investors for partnerships; and therefore, the event serves as a strategic way to showcase opportunities in Ghana to the people of Italy.

platform to showcase the country’s rich culture and heritage.

There were various made-in-Ghana goods on display and Ghanaian companies in attendance, as part of the program.

Dignitaries were treated to a rich display of Ghanaian cultural performances. The mission expressed appreciation to Ghana International Bank, Zeepay, Sienna Services Ltd, EMH Global Ltd, Team Engineering, Flash Box Srl, Showbiz Global Concert, Ghana Export Import Bank, Urepa, Abici, Cartarredo, the Diplomatic A airs TV show on Pan African Television and a host of others for making the event successful.

ment of Ghana is determined to address the impact of the global economic downturn. “Government has since instituted a number of interventions to resolve these concerns and we remain con dent that we will see the results of relief and recovery very soon. As His Excellency the President of the Republic has always reiterated, “This too shall pass”, She said.

According to Hon. Minister Shirley Ayorkor Botchwey, it is noteworthy, that under the leadership of President Akufo Addo the country is witnessing signi cant economic transformation with various programmes such as Free Senior High School Edu-

cation, One District One Factory, and Planting for Food and Jobs.

The Minister said: “Indeed our economic growth rebounded making Ghana among the fastest growing economies in the world for three years in a row … We expect the year 2023 to be one of hope and joy.”

Speaking at the event which brought together more than three hundred patrons, Ghana’s Ambassador to Italy, Merene Botsio Benyah, called on Ghanaians to unite and rally behind the government’s impactful economic transformational programmes, in order to realize the country’s aspirations. Ambassador Botsio Benyah spoke about “Ghana’s

In his remarks, the Director for Sub-Saharan Africa at the Italian Ministry of Foreign A airs and International Cooperation, Giuseppe Mistretta commended the Ghana Mission for the national day celebration.

He also commended Ghana for hosting the AfCFTA Secretariat describing it as “a game changer” for the continent and the rest of the world.

The event brought together dignitaries from the host Italian foreign ministry, members of the diplomatic corps, international and Ghanaian companies, traditional leaders, businessmen, and the Ghanaian community. It was used to attract investors to Ghana and also make them aware of the numerous economic opportunities available. It also served as a

Meeting customers on their turf: Absa Bank MD breaks the mold

As the sun rose over Accra, Abena Osei-Poku, the Managing Director of Absa Ghana, stepped out of her o ce and into the bustling streets of Ghana's capital city. Her destination? The small and medium-sized businesses that Absa has been supporting since its launch in Ghana three years ago.

Absa's commitment to these businesses is unwavering, and Abena is determined to reinforce that message in person. She visits these businesses frequently during the year, im-

mersing herself in their world and listening to their needs.

On this particular day, she headed to the Spintex road area to visit two clients who are making signi cant impact in their respective industries.

One produces mineral water plastic bags while the other distributes ethanol for the production of hand sanitizers. These businesses are vital to Ghana's economic growth, and Abena wants to make sure they know that Absa stands by them in good and di cult times.

The meeting was candid, with the clients expressing their gratitude for the bank's support and highlighting key areas where they need urgent assistance. The Managing Director listened attentively, assuring them that Absa fully understands their needs and is committed to providing the support they require to keep their businesses running smoothly.

In the current economic climate, SMEs are facing a myriad of challenges, and

Absa's commitment to their success has never been more important. Abena's visit is a reminder that sometimes, the best way to connect with clients is through a personal touch.

Absa's commitment to SMEs extends beyond just lip service. The bank has implemented groundbreaking initiatives, including a partnership with the Mastercard Foundation and providing collateral-free loans to these businesses. With a passion for always lending a helping hand, Absa has

established itself as an undisputed market leader in Ghana.

For Abena Osei-Poku, supporting SMEs isn't just a business strategy; it's a personal mission. As she left the businesses she had visited, she was already planning her next trip, eager to continue listening, learning, and helping Ghana's small and medium-sized businesses thrive.

Mobile money exceeds industry expectations

…reaches a transaction value of US$1.26tn in 2022

continued to show resilient growth that was instigated during the pandemic. Up to 400 million accounts were added during the pandemic alone. This rapid uptake is largely due to the technology’s role in enabling millions of people across low- and middle-income countries to access digital nancial services. This upward trend continues, with the number of accounts active on a 30-day basis also growing by 13 per cent year-on-year to 401 million in 2022.

The report also shows that, during 2022, mobile money-enabled international remittances grew by 28% year on year – to $22 billion. During the pandemic, many diasporas sent more funds via mobile money to friends and family than ever before. As a result, international remittances grew signi cantly in both 2020 and 2021, as many senders favoured mobile money for its efciency, speed, safety and cost-e ectiveness. The trend continued in 2022, albeit at a slower rate.

result, women in low- and middle-income countries are currently 28% less likely than men to own a mobile money account.

Growing agency networks

The number of mobile money agents also increased signi cantly last year, with a 41% increase between 2021 and 2022. The overall number of agents went from 12 million in 2021 to 17.4 million in 2022. The number of active agents increased by 25% to 7.2 million in 2022. A lot of this growth came from Nigeria, where a more liberal regulatory regime meant an increase in mobile money providers. Agents continued to prove to be an invaluable part of mobile money services and were responsible for two-thirds of all cash-in transactions in 2022.

Mobile money services are growing faster than predicted around the globe, as digital services continue to rise in popularity, according to the GSMA’s annual ‘State of the Industry Report on Mobile Money 2023’, published today.

The report, published annually by the GSMA and funded by the Bill and Melinda Gates Foundation, demonstrates that rates of adoption are even quicker than expected, with the number of registered mobile money accounts growing by 13% year on year, from 1.4 billion in 2021 to 1.6 billion in 2022. While it took the industry 17 years to reach the rst 800 million customers, this is extremely signi cant growth as it has taken just ve years to reach the next 800 million.

In 2022, daily transactions via mobile money reached $3.45 billion, exceeding the $3 billion amount predicted in 2021. Total transaction value for mobile money grew by an incredible 22% between 2021 and 2022, from $1 trillion to around $1.26 trillion.

However, in many areas worldwide, more work is still needed to help give underserved communities access to safe, secure and a ordable nancial services. With 1.4 billion people worldwide remaining unbanked, the GSMA Mobile Money Programme is working with mobile operators and industry stakeholders worldwide to create a robust mobile money ecosystem, increasing

the relevancy and utility of these services and ensuring their sustainability.

The 2023 report shows there are now 315 live mobile money deployments across the globe, with peer to peer (P2P) transfers and cash-in/cash-out transactions still among the most popular use cases. Bill payments using mobile money grew by 36% year-on-year –faster than any other use caseand the industry continues to focus on use case diversi cation, playing an important role in digitising economies.

Pandemic-driven uptake

As the world increasingly moves on from COVID-19, mobile money services have

Closing the gender gap

Mobile money is also continuing to drive nancial inclusion for the world’s unbanked, particularly amongst women in rural communities, where access to mobile money can play a transformational and empowering role.

However, according to the latest GSMA data, there is still a mobile money gender gap that has shown signs of widening over the last year, particularly in India, Indonesia and Pakistan. Mobile phone ownership is one of the main drivers of the mobile money gender gap, however, a number of other barriers and cultural norms also prevent women from adopting mobile money. As a

“It is promising to see the continued growth of mobile money worldwide. Mobile money has a orded millions of unbanked and underserved people in low- and middle- income countries access to digital nancial services, for the rst time,” said  Max Cuvellier, Head of Mobile for Development, GSMA. “However, even with this signi cant growth, there is still a long way to go to bring those services to over a billion people worldwide who remain unbanked. The GSMA is therefore encouraging governments worldwide to keep developing the enabling policies that can support mobile money deployments and further boost the growth of this crucial ecosystem. Doing so helps accelerate the digitization of national economies and build nancial resilience, allowing communities to support themselves in uncertain times.”

Pernod Ricard Ghana donates barricades to Ghana Police Servic

Pernod Ricard Ghana, a subsidiary of Pernod Ricard Group, a leading producer of wines and spirits, has donated 20 branded barricades to the Ghana Police Service as part of its ‘Metwi a, Mentwa’ road safety campaign to sensitise commercial drivers and commuters on the detrimental e ects of drink-driving ahead of the Easter festive season.

The gesture, which is in partnership with Street Sense Organisation (SSO), seeks to create visibility and help intensify this year’s ‘Metwi a, Mentwa’ campaign.

The ‘Metwi a, Mentwa’ campaign, launched in December 2021, is aimed at promoting responsible behaviour among high-risk commercial drivers to provide enhanced and safer transport services for commuters.

Speaking at a brief handover ceremony, Sustainability and Responsibility Manager for Pernod Ricard Ghana, Eunice Osei-Tutu, said the barricades, which will be situated at di erent locations across Ghana’s major traveling roads, will remind drivers not to drink and drive.

"In line with the fourth pillar of our roadmap, ‘Responsible

Hosting’ which is to ensure that we ght alcohol misuse in society by taking action on harmful drinking and that our brands are enjoyed responsibly, we deemed it important to go beyond speaking to drivers as part of efforts to curb drink-drive related accidents. To intensify this year’s edition, we are partnering with the state’s enforcement agency responsible for road safety in Ghana with these barricades to share our message with the drivers, which is ‘Metwi a, Mentwa! — which means ‘If I will drive, I will not drink’.

"We believe that these barricades on our major traveling

roads will remind high-risk commercial drivers about the need to avoid driving under the in uence of alcohol. It will also promote responsible behaviour among them and provide enhanced and safer transport services for commuters, especially during the Easter and Christmas festivities", she added.

Receiving the barricades on behalf of the Ghana Police Service, ACP Abass Al-Meyao, Director of Operations, commended Pernod Ricard Ghana and Street Sense for the initiative. "On behalf of the Police Administration, we wish to thank Pernod Ricard Ghana

for these crash barricades. They are very timely and in line with the goal to drastically reduce road accidents in Ghana. We also want to assure them that we will put them to maximum use to keep our streets safe and to carry the message across to drivers and commuters. Meanwhile, we use this opportunity to caution drivers not to drink and drive".

On her part, Mrs. Gloria Laryea, a member of the Board of Trustees for the Street Sense Organization, also appealed to the drivers to adhere to road tra c rules and regulations to save more lives.

CIDAN INVESTMENTS LIMITED

WEEKLY MARKET REVIEW FOR WEEK ENDING

April 14, 2023

High Tea Event: Vodafone director discusses empowering women in tech

At the recent W. High Tea Event, Angela Mensah-Poku, Director of Digital and Commercial Operations at Vodafone Ghana, shared her insights on empowering women in the technology sector. The event, organised by The Fitzgerald and Curate Mktg, in partnership with Access Bank’s Women Initiative, focused on the theme “Innovation and Technology for Gender Equality.”

Angela highlighted the importance of soft skills in a male-dominated industry, emphasising the value of

e ective verbal and written communication, a strong work ethic, and emotional intelligence. “Understanding who you are as a person is what makes you a better leader. It requires that you be honest with yourself about your strengths and weaknesses,” she stated.

Addressing the challenges that women face in technology roles, Angela underscored the signi cance of fostering a supportive environment. She praised Vodafone Ghana’s efforts in this regard, stating, “We are very deliberate about how we coach, mentor, and support women in the organisation.” She explained that

Vodafone Ghana champions programmes like ReConnect, which assists female professionals returning to the workforce after a career break. One of the key aspects of creating a more inclusive workplace, according to Angela, is addressing unconscious biases. She emphasised the need to counter these biases during the recruitment process, explaining that Vodafone Ghana ensures there is a female interviewer on every panel. “For this reason, there is a balance at the interviewing stage and that helps us bring in competent, credible women who can do the job,” she said.

Angela also highlighted the need for gender diversity in product development, emphasising the importance of including women at the decision-making table. “By promoting inclusivity in all aspects of technology development, companies can create products that better serve the needs of both men and women,” she said. Speaking on Vodafone Ghana’s commitment to empowering women in tech, Angela shared that 70% of the company’s senior management team is female. “We’ve deliberately placed competent females into those roles, and

we’ve seen the bene ts,” she remarked. This approach demonstrates Vodafone Ghana’s dedication to addressing gender inequality in the workplace and fostering a more inclusive environment.

As the conversation surrounding gender equality continues to gain momentum, platforms like the High Tea event provide unique opportunities for women to empower each other in technology and all industries. By fostering inclusive environments and promoting gender equality in innovation, companies like Vodafone Ghana are helping to bridge the gender gap and drive progress in the sector