Investment Times Newspaper 2023 Edition | Issue 36

Ten Years A District: 10th District Training Assembly & Conference

Accra 2023

UBA delivers strong results as profit hits US$446.4m in 2022

Declares 0.2 cents nal dividend

Total assets rise by 21.6 percent, Close at $23.6 billion

Africa’s Global Bank, United Bank for Africa (UBA) Plc, has released its audited nancial results for the full year ended December 31, 2022, showing impressive performance across major indices.

The 2022 nancials, led by the Bank at Nigerian Exchange Limited (NGx) on Thursday, showed that gross earnings rose signi cantly to $1.9 billion from $1.6 billion recorded at the end of the 2021 nancial year, representing a strong 22.2 percent growth.

Total assets rose remarkably by 21.6 percent, crossing the $20billion mark, to close at $23.6billion in December 2022; up from $19.4billion in 2021. This is a very signi cant achievement and milestone in the history of the powerhouse nancial institution.

Despite the highly challenging global economic and business environment,  UBA recorded a laudable pro t before tax, with a 23.5 percent growth, to close the year under review at $446.4 million, rising from $361.5 million recorded at the end of the 2021 nancial year; while pro t after tax (PAT) grew by 35.1 percent to $378 million in 2022, compared to $280.3 million recorded the year before. Consequently, UBA Group Shareholders’ Funds rose to $2billion, as at December 2022, achieving an impressive growth by 5.3%,

NHIA targets GH¢ 2.7m from levies in 2023

By Eugene Davies

African countries should institute e ective debt management strategies to boost economic growth and avoid falling into the debt trap, the Economic Commission for Africa (ECA) Director for Macroeconomics and Governance Division, Adam Elhiraika, has urged.

Opening a peer learning workshop

on debt management strategies for member states being held in Lusaka, Zambia from April 3- 6 2023, Mr. Elhiraika said debt management was a challenge for African countries as debt becomes a signi cant source of funding for their economic growth and development.

Elon Musk dethroned as World's richest person on Forbes' "World's Billionaire

Central Banks in Africa must focus on small & niche banks –Standard Bank Executive

compared to prior year.

In the year under consideration, UBA Group cost-to-income ratio dropped to 59.1%, from over 62% in prior year, pointing at the Group’s improving eciency.

In its usual tradition of rewarding shareholders, the Bank proposed a nal dividend of 0.2 cents for every ordinary share of 0.11 cents, for the nancial year ended December 31, 2022. The nal dividend which is subject to the rati cation of the shareholders during its upcoming Annual General Meeting (AGM) will bring the total dividend for the year to 0.24 cents per share, as the Bank had paid an interim dividend of 0.04 cents, based on its audited 2022 half year results.

Also worthy of note, UBA recorded a 21.4 percent growth in loans to customers, moving up to $7.5 billion in 2022, whilst customer deposits improved by 22.9 percent to $17 billion, compared to $14.6 billion recorded in the corresponding period of 2021, reecting increased customer condence, enhanced customer experience, successes from the ongoing business transformation programme  and the deepening of its retail banking franchise.

The National Health Insurance Authority (NHIA) has said it expects to receive a total amount of GH¢ 2.7m in 2023 from National Helath Insurance Levies (NHIL) /SSNIT contribution and others to be able to execute its mandate in 2023, the National Health Insurance Fund Allocation Formula 2023 report has revealed.

Old Mutual hosts annual brokerconference in South Africa

Old Mutual Ghana recently hosted a successful brokerage conference in South Africa. The conference brought together brokers from all Old Mutual Africa Regions.

Old Mutual believes that partnerships with external stakeholders should be mutually bene cial. We strive to grow together with our partners and provide the necessary support for achieving growth.

and insurance networks and learn about international broking practices and standards. They also had the chance to hear from successful brokers in the South African market who shared their experiences and insights on how to achieve growth in various lines of the insurance business. The event attracted brokers from various countries across Africa, creating excellent networking opportunities for our brokers. In ad-

various insightful discussions, panel sessions, and presentations were held, which aimed at empowering brokers with the necessary knowledge, skills, and tools to navigate the evolving investment landscape.

Some of the topics discussed include the impact of technology on brokerage, the importance of data analytics, emerging trends in -

One of the highlights of the

Institute debt management strategies to boost economic growth, ECA urges member states

s List"

UBA delivers strong results as profit hits US$446.4m in 2022

Declares 0.2 cents nal dividend

Total assets rise by 21.6 percent, Close at $23.6 billion

Commenting on the result, the Group Managing Director/CEO, Oliver Alawuba, said notwithstanding the tight and challenging operating environment, UBA continues to deliver signi cant performance.

He said, “The Group delivered record headline earnings (+22.2%) and pro tability (+35.1%) amid signi cant headwinds in markets where we are present and a heightened global risk environment.  Our record earnings, growth, and robust capital levels supported higher returns for the shareholders.  The Group is on course to achieve its strategic goals, and we are con dent we will deliver our targets.

“We have navigated unprecedented macroeconomic headwinds and made signi cant gains in our diversi cation strategy and Customer 1st philosophy as we build resilience in our operations across Africa and the Rest of the World to support the mission of providing superior value to our stakeholders. The Group’s Pro t after Tax increased by 35.1% to $378.0 million, with underlying growth in our key income lines and moderation in our cost of fund, resulting in robust growth of 5.3% in the Group’s Shareholders’ Funds and stronger liquidity. We continued to sharpen our risk

management structure and practices to align with evolving risks”, Alawuba said.

On the outlook for the year 2023, Alawuba said, “we are strategically positioned to increase our market share in our countries of presence, with expansion to Dubai, United Arab Emirates and strong growth of our digital banking and payment businesses, which is pivotal to the evolving cashless economy in Nigeria. We strive to deliver increasingly attractive returns to our shareholders and continued positive impact in the geographies and economies in which we operate”.

UBA’s Executive Director, Finance and Risk Management, Ugo Nwaghodoh, said going by this recent performance, UBA remains on strong footing and is comfortably positioned to take on more opportunities in Nigeria, Africa and beyond.

“UBA Group’s 2022FY performance was buoyed by strong balance sheet growth and improvement in Net interest margin, as Group’s Total Assets and customer deposits grew 21.6% and 22.9% respectively, whilst NIM grew to 5.61% from 5.57%. The continuous rejigging of the Groups’ risk management approach resulted in moderation of the NPL ratio, from

3.6% to 3.1%.  The Group con tinued to rely on lower cost funds, further reducing its cost funds to 2.1%.”

“We are delighted with the strategic progress we have made in FY22 riding on our customers’ trust, the dedica tion of our people, and the support of our wider partners and stakeholders. The bank re mains committed to its busi ness development drive, pru dent risk management practic es, and we are optimistic to deliver best value for our stakeholders in the days ahead,” he noted.

United Bank for Africa Plc is a leading Pan-African nancial institution, o ering banking services to more than twen ty- ve million customers, across over 1,000 business of ces and customer touch points, in 20 African countries and across 4 continents.

With presence in the United States of America, the United Kingdom and France and more recently the United Arab Emirates, UBA is connecting people and businesses across Africa through retail; commer cial and corporate banking; in novative cross-border pay ments and remittances; trade nance and ancillary banking services.

NHIA targets GH¢ 2.7m from levies in 2023

By Eugene Davies

average fee of Ghc5.70 approximately per member for a projected membership of 15,534,145 from both sectors in 2022. The projected membership excludes the pregnant women and indigent categories.

Interest Income from Investment – the authority expects to earn total interest income of Ghc30.28m. This is based on expected portfolio size of Ghc115.69m at projected average nominal return of 20.18percent per annum.

There is also Other Income –the authority expects to earn GH¢ 2.3m from provider credentialing fees (GH¢ 2.00m), sale of tender documents (GH¢ 0.01m), road accident fund (GH¢ 0.29m).

Parliament before it went on recess approved the National Health Insurance Fund Allocation Formula 2023 report.

The composition of their mandate includes; NHIL and SSNIT Contribution -under this, the NHIF expects to realise a total amount of GH¢ 2.5m from NHIL and SSNIT Contribution.

Premium from Informal

Sector -the premium from informal sector is budgeted at GH¢ 126, 87m. This represents an average premium of GH¢ 18.00 approximately per member for projected membership of 7,048,475 expected to register and renew within the year 2023 from the informal sector.

Processing Fees – Processing fees from both the formal and informal sector is budgeted at Ghc88.54m. This represents an

Donor Funding -USAID: the authority expects to receive an amount of GH¢ 12.46m to the USAID in the year 2023. The funding which is expected to cover the period from 2023 -2027 in support of clinical audit, stakeholder consultations, tools for internal and external audit, collaboration with Ghana Health Service among others.

The strategic objectives of the Authority as outlined in the medium-term plan are; improve the membership bene t package informed by actuarial projections and sustainable nancing, enhance operations of the scheme, fuse a viable, preventive insurance model into the current curative model, increase participation of private health insurance schemes, ensure human resource development and harmonization.

Further the report notes that under Enhance operations of the scheme – the authority will intensify registration drive to increase active membership coverage of the schem from approximately 57.0percent of the population (31,448,659) in 2022 to 60per-

cent of the projected 2023 population of 32m. The active membership in 2023 is therefore estimated at 19,246,579. Collaborate with the Ministry of Gender,Children and Social Protection for the use of the Ghana National Household Registry(GNHR) to facilitate the registration of the poor onto the NHIS.

In terms of monies received, the report indicated that total amount of GH¢ 2m was received from MOFEP as at December 31,2022. Other receipts during the period amounted to GH¢ 161,23m, giving total receipts of 2.16m for the period. However, the Authority had cash and bank balance of GH¢ 248.92m as at January 1, 2022 giving a total cash and Bank available of GH¢ 2,4m.

Total payment as at December 31,2022 was GH¢ 2,08m. Excess receipts over payments as at the period ending December 31,2022 was GH¢ 321.83m.

Institute debt management strategies to boost economic growth, ECA urges member states

“However, this provides an opportunity to e ectively enact budgetary protection for various events more apparent in the foreseeable future,” Mr. Elhiraika said, adding that, “E cient and effective debt management will allow debtor countries to take action to avoid the legacy of ‘too little, too late’ sovereign debt management and restructuring.”

The ECA is hosting a capacity building workshop for senior

government o cials in an e ort to enhance countries' scal prudence. The workshop is to assist delegates from Ethiopia, Sierra Leone, South Africa, Sudan and Zambia share information, experiences and best practices on debt management strategies, policies and operations to enable them to implement viable debt management procedures and strategies.

Mr. Elhiraika said in the past six decades, every global recession has led to a rise in global government debt and over the past

decade, many countries in Africa have increased their public debt levels. Most of the current public debt was accrued during the scal years of 2020 and 2021, when countries took on debt to deal with the e ects of the Covid-19 pandemic.

The ECA notes that during an economic crisis, continued borrowing has led to high debt accumulation, dwindling the government's capacity to e ectively manage public debt. Debt distress has

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

been aggravated by huge current account de cits, massive redemption schedules, and lack of access to conventional lending markets. Countries often rely on debt as an instrument for nancing growth and development.

During the workshop, delegates will present the current state of debt in their countries and highlight the key challenges hampering debt sustain-

ability. In addition, they will discuss debt sustainability analysis procedures and medium-term management strategies and enhance the capacity of public debt managers to evaluate the structure, dynamics, and risks of sovereign debt portfolios.

Sharing experiences with debt management, Joseph Thullah and Mohamed  Samura  from the Public Debt Division in the

Ministry of Finance, said Sierra Leone had implemented a number of debt and risk management strategies such as debt exchanges and debt buy-backs to manage and reduce government re nancing risks.

Sierra Leone was continuing to prioritize mobilization of grants over loans and ensure that new borrowings meet the concessionality threshold of a

minimum of 35 percent grant element. Ethiopia implemented a medium-term debt management strategy from 2016-2020 which helped in assessing cost and risk of borrowings and ensured debt sustainability.

Habtamu Alamayo, Programme O cer, Ministry of Finance, Ethiopia, said despite challenges, such as poor export performance, low FDI

Old Mutual hosts annual broker conference in South Africa

in ows and political stability, Ethiopia was eyeing opportunities in mobilizing additional external resources exclusively from concessional sources and public-private partnerships.

The workshop is expected to develop a roadmap that will support countries to better apply debt management techniques and implement requisite policies.

conference was the panel session on "Unlocking the potential of African capital markets", which brought together leading industry experts to discuss the challenges and opportunities of the African capital market. The panellists shared insights on how African capital markets could be developed, including creating a conducive business environment, strengthening market infrastructure, and improving market acces-

sibility.

Another key feature of the conference was the breakout sessions that provided an opportunity for brokers to have hands-on practical sessions with leading nancial technology rms. These sessions focused on demonstrating the use of new technologies and tools that brokers could leverage to improve their service delivery and client experience. The conference also featured a

cocktail event, which provided attendees with networking opportunities and a chance to unwind and connect with peers. The cocktail event was an excellent opportunity for attendees to discuss business opportunities and forge new partnerships. The conference provided a platform for brokers, industry experts, and stakeholders to come together, discuss, and share knowledge on the latest trends,

insights, and opportunities in the brokerage industry. The conference demonstrated Old Mutual Ghana's commitment to continuously empowering brokers and improving their service delivery to clients. It is expected that the knowledge and insights gained from the conference will be instrumental in driving the growth and development of the African brokerage industry.

Old Mutual Ghana is a leader in

the Life Insurance and Pensions industries in Ghana. Old Mutual Ghana is part of the Old Mutual Group which has over 176 years of experience in providing Insurance, Banking, and Investment solutions in Africa. The Group has presence in 13 African countries. At Old Mutual, we exist to provide nancial advice that delivers positive futures for our customers.

Ten Years A District: 10th District Training Assembly & Conference Accra 202

countries (Dakar, Ivory Coast and Cameroon). Ghana was the rst English speaking country to have received Rotary in 1958.

Today Rotary International (R. I.) can boast of over 46,000 clubs worldwide and for easy management of these clubs they are grouped into districts. Rotary International District 9102 is made up of Ghana, Togo, Benin, and Niger with over 3,000 Rotarians. A bit of history ... once upon a time this district was District 210 (later changed to District 910) with twelve countries and thirty- ve clubs.

was redistricted into District 9101 and 9102.

Every year, Rotarians in each district come together at conference. This annual event has been set aside by Rotary International for each Rotary District in the world to highlight the operations of the district, discuss its achievements and challenges and facilitates major leadership and training events.

The conference includes training and breakout sessions to give Rotary information and new ideas for club o cers, directors, and key committee

chairs.

There is also a presentation of the state of the district; a review of the new RI President’s theme and goals for the coming Rotary year by the incoming District Governor; a presentation of district goals and objectives and plans are developed for its implementation.

Rotary International District 9102, for the last time, will welcome Rotarians and partners in service to its 10th annual District Training Assembly and Conference (DTAC) 2023, to be held at

When a lonely bachelor in a new city meets with three friends and they agree to form a club with a simple motive “a very simple plan of mutual co-operation and informal friendship such as all of us had once known in our villages.”

The world's rst association of service clubs was formed on 23rd February 1905 and blossomed into Rotary International over 118 years ago. Although the early focus was on fellowship and busi-

ness networking, soon elements of service was incorporated with a place of convenience in Chicago.

Gradually Rotary spread within the USA and in 1910 there were sixteen Rotary Clubs. Having crossed the Atlantic to Europe then to India and Asia, Rotary nally reached the African continent (South Africa) in 1921. It nally reached West Africa through the French speaking

R. I. Board then decided to add the number zero (0) to all existing districts worldwide, thus altering D910 to D9100. District 9100 constituted the larger part of the West African Sub-Region of Africa, south of the Sahara, and is made up of fourteen countries: Benin, Burkina Faso, Cape Verde Islands, Cote d’Ivoire, The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Senegal, Sierra Leone, and Togo. Indeed, D9100 was at the time the largest geographic district in the Rotary world and therefore

the Accra International Conference Centre from April 11 to 15, 2023. The theme for this year’s conference is “Beyond Imagination” which ties in the annual theme “Imagine Rotary.”

The Rotary International President Special Representative, Vice Rotary International President Nicki Scott will attend this conference, bringing inspiring messages from Rotary International. An estimated number of one thousand

(1000) participants from the district and other parts of the world will appreciate a welcome address from the Greater Accra Regional Minister Hon Henry Quartey and inspirational talks from guest speakers Nana Aba Appiah Amfo, Vice Chancellor of the University of Ghana, Isabel Boaten, partner at AB & David Ltd and Nakeeyat Dramani Sam, an environmental advocate & poet.

Interesting to note, this year will

be the last DTAC for District 9102 since the district has to be redistricted again due to size into District 9104 (Ghana) and District 9103 (Benin, Niger & Togo) from 1st July 2023.

The e orts of Rotarians in District 9102 to charter new clubs, increase membership, develop leaders, and increase our portfolio of humanitarian service projects has contributed immensely to Rotary initiatives, chalking

many successes worldwide. So, the new Districts (9103 & 9104), with their new District Governors and their teams will work to strengthen clubs, promote membership diversity and to place the new districts high on the map of Rotary International.

Other events at this 10th and the last DTAC are District Governor’s Akwaaba Cocktail, Rotary Foundation Lunch, the District Gover-

nor’s Award and Gala with the main performing artist Samini. With the rst District Governor of District 9102, Winfred A. Mensah, as Conference Chair, the 10th and last District Governor for District 9102, Victor Yaw Asante, has indicated that the DTAC: Accra 2023 will be exciting, educating, entertaining and a platform for business networking for all Rotarians.

Elon Musk dethroned as World's richest person on Forbes' "World's Billionaires List"

Elon Musk has been toppled from his position as the world's wealthiest person after losing $39bn of his net worth in a year, according to Forbes's annual “World’s Billionaire List”.The Tesla and Twitter CEO was overtaken by Bernard Arnault, CEO of LVMH, the French luxury goods company, whose net worth increased by $53bn in the past year to reach $211bn, com-

pared to Musk's $180bn.

Forbes attributed Musk's loss of the top spot to his "pricey acquisition of Twitter", which led to a 50% drop in Tesla's shares.

Tesla had its worst year on Wall Street in 2022, losing $700bn due to investor concerns about Covid's impact in China and Elon Musk's controversial purchase of Twitter.  Musk's acquisition of the mi-

croblogging site for $44bn was primarily funded by selling shares of his electric car company, causing Tesla's shares to drop by almost 50%.

Although Tesla has recovered some of those losses this year, its current market value is still lower than its value before the Twitter takeover.

Musk has jokingly referred to the acquisition as buying "the world’s largest non-pro t" and

Forbes suggested that his controversial tweets have contributed to his loss of the top spot in the billionaire rankings.  In November, Musk stated that Twitter was losing $4m per day.

Je Bezos, CEO of Amazon, slipped to third place. After losing $57bn due to a nearly 40% drop in the share price of his e-commerce giant, Amazon founder Bezos now has a net worth of $114bn,

placing him in third position on Forbes's annual “World’s Billionaire List”.

In addition, there has been a signi cant decrease in the number of billionaires worldwide, with Forbes reporting a decline of 28, from 2,668 to 2,640, compared to last year.  The total net worth of all billionaires on the planet has also fallen from $12.7tn to $12.2tn, a decrease of $500bn, according to the report.

Central Banks in Africa must focus on small & niche banks – Standard Bank Executive

like Silicon Valley Bank and Signature Bank and the resulting downturn for international banks – put the global spotlight on the e ective governance of nancial institutions and the role that central banks have to play in ensuring the viability and sustainability of banks.

The event hosted central bankers from key economies in Africa, who gathered to address vital policy and operational questions, with the aim to address the practical needs of today’s central bankers. Attendants included Dr Ernest Addison , Governor of the Bank of Ghana.

He made the remarks at Standard Bank’s African Central Banks Conference (ACBC) in

This was a central topic of discussion at the ACBC. The two-day summit also focused on debates regarding Reserve Management, ntech and Central Bank Digital Currency (CBDC). In addition, the event provided a platform to discuss key themes within the broader monetary policy environment, economic development, nancial markets stability, social justice and environment sustainability and how stakeholders can respond to and provide solutions to the shared challenges.

The events of the past weeks have forced analysts to recall the 2009 crash and its ramications for the global economy. Governors and the major players in African nance who converged at the conference in South Africa were keen to assess these events and their impact on African economies, while proposing measures that can address Africa's unique challenges in light of the global situation.

It is clear that central banks in

Africa face a range of challenges in managing in ation, promoting sustainability goals, and promoting nancial inclusion to name a few, however, solutions such as innovative funding solutions in partnership with private sector capital is an enabler to deliver inclusive growth. “Even though the challenges are complex, I am con dent that, together we can work to overcome them and achieve a sustainable future for the continent", concluded Mr. Sanni.

Standard Bank’s African Central Banks Conference brings together central bank governors and nancial sector regulators from across the continent to discuss critical issues that a ect Africa’s nancial system. The theme of this year’s Conference was ‘African Solution for African Problems‘Africa’s Seat at the Table’.

UK Construction Week 2023 appoints Global Entrepreneurship Network-Ghana as official Ghana partner

Media 10 UK, organisers of the UK Construction Week 2023, has appointed Global Entrepreneurship Network-Ghana (GEN-Ghana) as the ocial partner in Ghana.

UK Construction Week (UKCW) is the United Kingdom’s largest built environment event hosted by Media 10 UK twice a year, in London and Birmingham where thousands come to meet and work with major project contractors, house builders, developers, suppliers, merchants, education and training sector players, architectural and design rms and local authorities who are driving the progress,development and contribution of the construction sector to the economy of UK. UKCW 2023 is scheduled to take place in London on 2-4 May 2023 and in Birmingham on 3-5 Oct 2023.

“We at GEN-Ghana are very honoured to be the o cial partners for Media 10 UK to lead in the mobilization of the various stakeholders in Ghana’s contsruction industry to be part of the UKCW 2023. The construction industry is vital to Ghana’s economic development and job creation.

GEN-Ghana strongly believes that the UKCW will create a great opportunity and platform for the Ghana Construc-

tion Industry to connect with its counterparts in the UK and other parts of the world. Industry players in Ghana have the opportunity to particpate in the UKCW either as exhibitors or show attendees for both events in London and Birmingham.

GEN-Ghana will be engaging all the major private and public stakeholders of Ghana’s construction industry to coordinate their particpation in the UKCW. The UKCW will also play a vital part in enhancing Ghana-UK economic diplomacy,” says Stephen Gyasi-Kwaw, Country Founder/ MD GEN-Ghana

“We at Media 10 UK are delighted to partner with GEN-Ghana which is part of the world largest entrepreneurship advancement network working in the world. GEN Ghana will lead in promoting UK Construction Week to Ghana’s construction Industry. UKCW will attract over 25,000 professionals across the industry including tier one contractors, housebuilders, local authorities, architects and speciers. This is the event to connect with potential partners, investors and also to showcase innovation across three days in London and Birmingham” Says, Dale Nicholson, Head of Sales Construction Division.

Gyasi-Kwaw, Country Founder and MD, GEN-Ghana

ECA and Afreximbank sign Framework Agreement to establish Special Economic Zones for the production of Battery Electric Vehicles in DRC and Zambia

The United Nations Economic Commission for Africa (ECA) participated in a signing ceremony ratifying a Framework Agreement for the establishment of Special Economic Zones (SEZ) for the production of Battery and Electric Vehicles (BEV) in the Democratic Republic of Congo (DRC) and the Republic of Zambia.

Chaired by the Prime Minister of the DRC, Jean-Michel Sama Lukonde, the landmark ceremony saw the participation of Congolese and Zambian ministers, in addition to senior representatives from the African Union, the African Development Bank, Afreximbank, the ALSF, BADEA and ECA.

As producers of over 70% of the world’s cobalt, and 10% of global copper, experts agree that DRC and Zambia are in a unique position to move from exporters of raw materials to becoming regional and global

manufacturers and suppliers of the battery precursors and reap the economic bene ts.

Speaking at the Ceremony, Antonio Pedro, interim Executive Secretary of ECA hailed the agreement as “an important step in ensuring we have the right enabling policies in place for the region to bene t from the so-called green mineral boom.”

Seen in the context of the operationalization of the African Continental Free Trade Area (AfCFTA), Mr. Pedro underscored the agreement’s importance in the region’s path to achieving sustainable industrialization and economic diversication.

According to the agreement, ECA and Afreximbank will lead the establishment of an Operating Company (OpCo) in consortium with public and private investors from DRC and Zambia,

as well as international investors such as Afreximbank’s FEDA investment platform. The Operating Company will develop a transboundary Special Economic Zone in the DRC and Zambia dedicated to the production of battery precursors, batteries, and eventually electric vehicles.

During the ceremony, ARISE Integrate Industrial Platform (ARISE IIP) – a pan-African infrastructure developer was nominated as the selected technical consultant to conduct the pre-feasibility study for the establishment of the SEZs in DRC and Zambia.

In parallel and moving forward, creating more value, and strengthening productive capabilities would have to take into account the need to create relevant skills and competences, including through technical and vocational education and training (TVET) and national suppli-

ers’ development programmes. With the support of ECA, a Centre of excellence was established in DRC as a joint e ort of University of Lubumbashi (DRC), Steinbis Institute (Germany) in collaboration with University of Zambia and Copperbelt University (Zambia).

“ECA is proud to be a partner to governments of DRC and Zambia in support of building a value chain for battery and electric vehicles, and I would like to take this opportunity to reiterate our commitment in supporting you in this endeavour,” he said.

For her part, Ms. Oluranti Doherty, Afreximbank’s Director of Export Development said: “The execution of the framework agreement testies to a strong commitment by the governments of the DRC and Zambia, Afreximbank and ECA, as well as other partners, to promote in-

clusive development of the Battery Electric Vehicle value chain, also rendering the DRC and Zambia globally competitive investment destinations.

She stressed Afreximbank’s conviction on Industrial Parks and Special Economic Zones as “critical tools the continent can deploy to fast-track its industrial infrastructure development, promote Intra-African Trade, accelerate the implementation of the AfCFTA and facilitate Export Development.”

This intervention also demonstrates Afreximbank’s commitment to promoting climate nance solutions that will reduce carbon footprints – in alignment with global decarbonization trends and a pan-African narrative around encouraging a just, sustainable, and responsible energy transition,” she added.

Stephen

Tax shorts- Let’s talk ESG

ESG (environmental, social and governance) is an umbrella term used to express a company’s collective commitment to environmental and social factors.

ESG is all about nding a balance between nancial returns, transparency, social interests, and the environment. Gone are the days where customers, investors, and stakeholders are just concerned about the bottom line, now, the focus is on environmental and social indicators which are equally as important. ESG is not just jargon.

It is an intense wave that really challenges businesses and corporations to rethink how they deal with the environment and people. The conversation has moved, and many organisa-

tions’ stakeholders are redening what value means to them. They are moving away from the bottom-line argument and are now looking to deal with businesses that are socially responsible and environmentally conscious. Socially conscious investors only want to deal with securities and businesses that are “well-behaved” as far as ESG is concerned. ESG exists for us to leave the world in a better place than we found it. One can argue that ESG is a civic duty for all of us, as natural persons, as individuals and corporations.

So, what does this mean for businesses? It means telling a story. It means putting themselves out there. Gathering data, touting success stories,

because at the end of the day, these are the metrics that set them aside from the competition. Businesses need to be transparent. The taxes they pay, the sheer number and amount, and the type of taxes, need to be made public, they need to be “out there”. Initiatives around corporate social responsibility as well as e orts made around diversity and inclusion in the workforce, need to be discussed. Case studies or success stories, create visibility, credibility and clarity around the value and application of change management. Being a pillar for change is important for businesses. It’s a tall order but very necessary for the ESG era.

French Minister Of State For Development, Ms. Chrysoula Zacharopoulou, visits Ghana

Ms. Chrysoula Zacharopoulou, Minister of State for Development, Francophonie and International Partnerships, attached to the Minister for Europe and Foreign Affairs, paid an o cial visit to Benin, Togo and Ghana from 29 March to 3 April 2023.

In line with the speech of the President of France on 27 February 2023 this visit was an opportunity to highlight several priorities of the French government for a renewed partnership with Africa with a focus on youth, innovation and culture. In each of the three countries, the Secretary of State met with the authorities to review some major collaborative projects.

Ms. Chrysoula Zacharopoulou also highlighted the European dimension of France's commitment to each of these countries, as well as its solidarity in the face of the social and security challenges faced in certain regions.

In Ghana, the Minister of State toured the Freedom skate park built by Surf Ghana with the support of AFD and private partners, which serves as a sports venue for Ghanaian youth. At the University of Ghana, she attended the presentation of a Franco-Ghanaian research project on plastic recycling.

Mrs. Zacharopoulou met with the French and Francophone community at the Lycée Français international d'Accra and at Ecole Ronsard.

The Minister of State also visited the Osu Castle to pay hommage to victims of the slave trade.

The Minister of State’s program highlighted the deep and multi-dimensional partnership ties between both countries. She will meet local artists to discuss animation movie projects undertaken with France’s support and later visited a French rm investing in Ghana with “Team Europe” ambassadors.

Serwaa Amihere is Drews Pharmacy's new brand ambassador

schedules. This is where the BB Nutricals Apple Cider Vinegar Capsules come in to help you achieve balance and a healthy lifestyle whiles you juggle to become the best in your career path. The product helps boost your immune systems, curbs appetite and improves digestion,” he explained.

Mr. Kyere emphasised that the partnership with Serwaa would educate people about the importance of good health and position Drews Pharmacy's products as the go-to choice for sustainable and long-term healthcare. He also stated that the ultimate goal is to make Drews Pharmacy a household name in healthcare, whiles speaking of plans for a nationwide expansion.

pharmacygh.com, beyond its location at Lapaz.

"We leverage technology a lot. Our app is on Google Play Store and Apple Store as well. We also wholesale some products and serve as sole distributors of the BB Nutricals Apple Cider Vinegar Capsules in Ghana. We work with a range of pharmacies to make the product available to all," he said.

Serwaa Amihere expressed gratitude for the opportunity to become an ambassador for Drews Pharmacy and promised to use her platform and personality to educate people about living a healthy life by taking BB Nutricals Apple Cider Vinegar Capsules as an immune booster to maintain a healthy and balanced lifestyle.

Drews Pharmaceutical Company, a rapidly expanding pharmacy located in Ghana, has enlisted award-winning broadcast journalist, Serwaa Amihere, as its new brand ambassador while unveiling a new product, BB Nutricals Apple Cider Vinegar Capsules, a dietary supplement.

BB Nutricals Apple Cider Vinegar Capsules contain Bioperine, cayenne pepper, lemon peel, and inulin prebiotic, ingredients which help with skin exfoliation, support the immune system, curb excessive appetite, and improve digestion. The product is approved by the Foods and Drugs Authority (FDA). The ambassadorial partnership aims to promote the brand and raise consumer awareness about health and self-care, especially for individuals trying to

maintain good health while balancing their busy work schedules.

Speaking at the unveiling event which came o at the Pharmacy’s location in Lapaz, Accra, Managing Director of Drews Pharmacy, Andrew Kojo Kyere, expressed his excitement about the partnership, saying that the deal would help Drews Pharmacy connect with its customers by leveraging Serwaa Amihere's values, personality, and commitment to maintaining a healthy and balanced lifestyle.

“Serwaa is an entrepreneur, an in uencer and a media personality who has been able to maintain a good, healthy and balanced life. When we look at the type of schedule that she has, it is a very busy one and you are not always able to have a balanced system whiles working such

"Now we only have one branch in Lapaz, but the goal is to have branches across the nation. For starters, we would want to be in at least 10 regions out of the 16 in the country in three years," he added.

Mr. Kyere stated that Drews Pharmacy leverages technology to serve its clients through its mobile app, MedAid, and user-friendly website, www.drews-

"Maintaining a balanced life amidst the busy schedules of work can sometimes be demanding and di cult, but with products such as the BB Apple Cider Vinegar Capsules, you can achieve the goal of having a healthy balanced life. I will do my best to use my channel to educate on the importance of maintaining a healthy lifestyle because it is important," she said.

…unveils BB Nutricals Apple Cider Vinegar capsules

Andrew Kojo Kyere, Managing Director of Drews Pharmacy, left with Serwaa Amihere, right signing the agreement

Easter season should bring hope and revival to dreams

By Dr. Rev. Joyce Esther Dadzi

Across the world, Christians celebrate the death and resurrection of Christ every year. When we celebrate Easter, we celebrate the fact that when Jesus was cruci ed, He went to battle with sin and conquered it once and for all. We no longer need to pay the penalty for our own sins, because Jesus did that for us. Friday was dark and bleak and seemed hopeless to those watching. But on that Sunday, two thousand years ago, joy was restored in the morning when Jesus appeared to Mary Magdalene outside the tomb. Sunday is the day that changed it all. For her. For the disciples. For all of us. The Easter season I believe, should inspire people with dormant or even dead dreams to revisit those dreams again. This is even more relevant given the peculiar economic circumstances that the country nds itself in presently. Many are those who have had dreams and plans truncated, altered or even shattered completely because of the downturns in the economy. Not only did Jesus die for our sins, but He rose again, defeating sin and death for all time. This brings us much hope because, though our lives are full of sorrow and pain, sickness and unwanted diagnoses, death and betrayal, Jesus’ death brings us hope in the midst of the messiness of life.

Some have dreams that are barely still alive but appear to be at the point of death. Some have dreams that have recently died. Some others believe that their dreams are not only dead, but they are prepared for burial and on the way to the cemetery. No matter the unful lled dreams that you have, the death and resurrection of Christ should bring hope that whatever seems dead can come to life.

At Stanbic Bank, we believe every dream is valid; that is why we continue to explore di erent means to make every dream possible. If you can dream it, there’s always a way to bring it to life Even if you have tried and seemingly been unsuccessful before, dream again. Do not let fear keep you from stepping out. Do not settle for life as usual. You do have what it takes to accomplish your dreams. Do not believe the lie that says you cannot do it. The will and desire to succeed is all you need to make your dreams a reality.

As the world commemorates the death and resurrection of Christ, let us take the opportunity to re ect and rekindle our love and interests in that project, career, business, relationship, dream etc and believe rmly that ‘dead’ and ‘dormant’ things are bursting back into life everywhere as God’s declaration of REVIVAL takes instant and dramatic e ect in our lives.

This is a good season to re ect and embark on a journey of hope, of optimism, of positivity, of con dence. Because just like the Stanbic ‘It Can Be’ tagline signi es, it is the celebration of the human spirit and the belief in our dreams that encourage us to keep going.

“Hope deferred makes the heart sick, but when dreams come true, there is life and joy.” Proverbs 13:12).

My belief in God, encounter with people/events, exposure to di erent cultures, coupled with my career and life experiences put me in a good position to remind you that no matter how big or small your dream is, with the right help, It Can Be. Just as Christ died, but on the 3rd, day rose from the dead, so shall your dreams come alive. It is time to dream again!!

The writer is the Head, Client Experience, Stanbic Bank

British actor Keith Mason launches non-profit sportswear brand to help children with brain injuries

Keith Mason, a British actor and former professional Rugby player, has launched a non-pro t sportswear brand to help raise funds for a £25 million brain injury hospital for children in the United Kingdom who are not provided NHS treatment.

Funds to be generated through the sales of the MasonMerch

sportswear line will be donated to the Ta da Raqeeda Foundation towards the construction of the hospital.

The MasonMerch non-pro t clothing are available for sale via: https://shop.gutentogltd.com/collections/keith-mason

Every single purchase of the MasonMerch sportswear stands to help save the life of a little one who is counting on the benevolent support of everyone to survive.

Aside purchasing the charity clothing, Keith Mason is also encouraging everyone to donate directly to the Ta da Raqeeda Foundation

By Melvin Tarlue

towards the construction of the hospital, a facility needed to save the lives of thousands of children.

In 2019, a little Muslim girl aged ve, Ta da Raqeeda, suffered a traumatic brain injury. Ta da was a perfectly healthy child before sustaining the unexpected brain injury, leaving her ghting for her life.

Not captured under the NHS treatment scheme, there were attempts in the UK to withdraw Ta da from medical care, which led to legal proceedings. The legal proceedings which took place in a UK High Court, resulted in a landmark victory for little Ta da and her family and she was later sent to the Genoa's Gaslini Hospital in Italy for treatment. She had been receiving treatment at the Royal London Hospital in Whitechapel, east London.

Her mother, solicitor Shelina Begum and father, construction consultant, Mohammed Raqeeda, then established the Ta da Raqeeda Foundation, and in 2022, launched a campaign to construct the second medical centre in Britain for treating brain-damaged children.

There are estimated 6,000 children in the United Kingdom who are battling various degrees of brain injuries.

Keith Mason, the 'Imperative' movie lead actor and Ambassador of the Ta da Raqeeda Foundation, says the plan is to build the hospital in London.

According to him, a number of fundraising events will take place in London, in June and in Leeds, at the later stages of 2023.

Writer's email: tarluemelvin12@gmail.com

Vodafone Ghana’s “Code Like a Girl” Kicks-Off

There is a growing need to bridge the gender gap in Science, Technology, Engineering, and Mathematics (STEM) elds. Despite the signi cant progress made in many areas of gender equality, women remain underrepresented in STEM, with only 28% of women currently holding positions in STEM jobs.

Earlier this year, Vodafone Ghana launched the latest edition of its “Code Like a Girl” initiative. It is a free coding programme for girls between the ages of 7 and 18 that aims to address this issue and empower more girls to pursue STEM education and careers. The initiative will run for ve weekends and provide an opportunity for girls to learn basic coding skills in a supportive and inclusive environment.

The virtual programme kicked o on 1st April with the aim to help 1000 girls explore the world of coding. They were

introduced to programming languages such as Python and JavaScript and worked collaboratively on coding challenges. “Our programme aims to inspire and empower girls to pursue their passions and develop the skills they need to succeed in the technology industry. We hope to promote gender equality in STEM by providing a safe and inclusive space for girls to learn and grow,” said Hannah Ashiokai Akrong, Human Resource Director at Vodafone Ghana. Vodafone Ghana continues to inspire more girls to pursue STEM education and careers and ultimately encourage a movement towards a more inclusive future. By providing girls with the resources and support they need to succeed in STEM, Vodafone Ghana is ultimately encouraging a movement towards a more inclusive future.

65 p er l i

BOG I nc reas es pol i cy rat e fro m 28 00% t o 29.5 0% Pens i on er bon dh ol d ers to res um e pi ck et i ng i f g ov ernm ent fai ls t o h ono r pay m ent in 2-w eek s

Pa rl ia ment pa ss es t hr ee n ew t ax es cr uci al t o go vernm en t’ s qu es t t o fa ci li tate the B oa rd A pp rov al fo r the I M F dea l

ow

nload the

CBG Mobile App and do more.

to download the CBG Mobile App

Bank

CIDAN INVESTMENTS LIMITED

WEEKLY MARKET REVIEW FOR WEEK ENDING

March 31, 2023

Kwahu Easter Paragliding Festival is here again

By Philip Gebu

centration, improved sports performance, reduce stress, provide relief for headache and migraine and promote better sleep. Some other places to visit include Otweanoma Mountain in Atibie. A hiking expedition to the mountain through the ‘Nko eho’ Caves of Life is worth the visit.

The Ghana Tourism Authority (GTA) has launched the 2023 edition of the annual Kwahu Easter Paragliding Festival at Kwahu Nkwatia in the Eastern Region. The paragliding has been held every year except during the peak of COVID-19. It is invigorating to note that 15 years have pass since this festival was rst launched in Ghana. I will be glad to received gures on the economic impact of this festival to the Economy of the eastern region and Ghana as a whole. It’s important to measure the economic impact of festivals and also get gures of the number of both international and local tourists. It’s important to know the type of accommodation most preferred by the tourists, the type of attraction they visit and the kind of entertainment they get attracted to. Research is key in planning and statistics is very important when measuring and accessing the impact of festivals. 15 years is a long time to have a full document on the economic impact of the Paragliding Festival at Kwahu and other festivals celebrated in Ghana.

The Ghana Tourism Authority is expecting 1.3

million international arrivals by the close of this year and they believe this year’s Kwahu Easter Paragliding Festival will play a key role in achieving their targets. This is a very ambitious target and if strategies geared towards its achievement are well implemented, it may end up being a reality. A vigorous marketing of this year’s event and encouraging all and sundry to attend is the rst step. Not only should everyone attend, they must also spend money when they visit. I heard on media that, there are people who visit and do not have places to sleep and keep walking through out expecting friends to spend on them. They end up sleeping on the street or front of shops. If that were the case, such people may add up to the numbers yet when it comes to expenditure it will amount to zero. Tourism arrivals are always simultaneous to spending. Beyond the paragliding festivals, there are other personal bene ts tourists could derive including the burning of calories through the immense walking and hiking, and since the oxygen level up the mountain tend to be very pure it tend to be good for the lungs and blood circulation. Other outlined bene ts include increased energy levels, improved mood, improved con-

Uysal and Gitleson (1994) de ne festivals as ‘traditional events staged to increase the tourism appeal to potential visitors’. Festivals are very important occasions on the traditional calendars of the various traditional areas. All the festivals have political, social, economic and religious importance in Ghana. In Ghana some of the reasons for celebrating our festivals are but not limited to;

1. Marking the beginning of a traditional year.

2. O ering thanks to the Supreme God for His care and protection, and to o er thanks to the ancestors and the spirits for their protection during the past year.

3. Remembering and mourning those who had died during the year.

4. Marking the beginning of harvesting of a staple food, e.g., yam or rice, and the beginning of a new agricultural year.

5. Performing the customary puri cation of the land and the people by the chiefs and the traditional priests. This purication is to strengthen them spiritually and socially to enable them to face the coming year successfully.

6. Renewing the people’s loyalties to their chiefs by paying homage to them. Settling family disputes, quarrels, or misunderstandings.

7. Reviewing the past year’s activities and to resolve to correct past mistakes and plan for the future.

8. Giving the youth the opportunity to know one another and in some cases choose their life partners.

9. Continuing the traditions.

10. Teaching the youth about their traditions.

Festivals falls under event attractions. They are events attraction because the event taking place serves as a means of attracting the mass tourists to one destination. An American tourist from Colorado, USA once told me Colorado is virtually a desert land yet attracts so many tourists yearly and tourism keeps thriving because the focus is on the events. Every week, di erent kinds of events are held in Colorado attracting many tourists from nearby cities and states. These events are well planned and marketed to generate the needed ow of tourists to the destination.

Gradually, in Ghana the celebrations of festivals are losing their real signi cance and are being mostly reduced to merry making. The youth seem to be more interested in drinking, dancing and all sorts of promiscuous acts. Tourism brings many benets to the national economy however; there are many negative e ects as well. When festivals are not well packaged in media, they may deter many of our Christian folks from patronizing and we may hear pastors dissuading their members from patronizing such events.

Nevertheless, what has been the economic bene ts of events attractions most importantly our festivals in the host destinations and the national economy as a whole? Despite growing interest in festivals as research sites, little attention has been afforded to investigating festival processes. These festivals strengthens the local economy by creating opportunities for local business proprietors, like taxi drivers, hotel owners, food vendors and souvenir sellers, to earn much needed income. While festivals are diverse in nature and geographical location, scholarly interest focuses on ve main themes across these variations: the motivations

for organizing, funding, and attending festivals; the experiences of festival attendees; the relationship between festivals and their local environments; the economic and socio-cultural impacts of festivals; and the management of festivals.

How to Undertake Economic Impact Studies

•Identify the scope of the study

•Identify Stakeholders

• Suppliers

• Performers and Participants

•Workforce and Volunteers

•Sponsors

• Local authorities and organisations, interest groups and associations.

•Understand your Audience

-the demographic and their spending habits

Who are they (Demographics)

Where do they come from? Local/festival tourists. How do they get to your event? What do they spend their money on and where do they buy? Average individual spend/ total spend.

This year’s festival must be well marketed as mentioned earlier on and considering the economic condition in the country, some tourist may decide to visit nearby attractions. For those who may attend, spending should be the priority. There was also plans to set up a training school in the Eastern Region geared towards training the local pilots. Little has been heard of this school. I hope there is light at the end of the tunnel.

Philip Gebu is a Tourism Lecturer/Trainer. 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

.Visist our social media sites Facebook, Twitter and Instagram: FoReal Destinations.

… measuring the number of arrivals and economic impact will be key in achieving 1.3 million visitors in 2023

Bank on the GO!