Investment Times Newspaper 2023 Edition | Issue 40

Transformative change is underway in the African automotive industry as trade begins under the African Continental Free Trade Area (AfCFTA), a new report by the World Economic Forum has indicated.

The continent’s auto industry, valued at $30.44 billion in 2021, is expected to grow to $42.06 billion by 2027 — a nearly 40% increase in value.

According to the report titled "a New Era for Global Business and Investment in Africa", much of this growth can be serviced by local companies within the newly established free trade area.

Under the AfCFTA, over 1.3 billion people will be connected into a single market. For the automotive industry, that’s a signi cant opportunity.

International companies have found success in the automotive industry by partnering with African countries, signaling that the automotive sector is ripe for new and increased investment strengthened by the AfCFTA. Across the continent, there is an average annual demand for 2.4 million motor cars and 300,000 commercial vehicles. This domestic demand — which is rising due to the continent-wide increase in disposable income, strong growth of the middle class and rapid urbanisation — is currently being met primarily by imported used vehicles. However, domestic production has also been growing by an average of 7% annually over the past few years. Today, Morocco and South Africa are leading the way as major players in the automotive sector, making up 80% of African exports, with Algeria also experiencing rapid growth.

The AfCFTA unlocks several opportunities for African and global businesses in the automo-

AfCFTA will boost Africa’s auto industry GIPC boss Yofi Grant speaks on investment , trade at a forum in South Africa

GEXIM Bank appoints Emmanuel EssilfieConduah as Head of Corporate Affairs

dustry as part of his rst week in o ce.

According to the minister, who admits that the ministry is a very technical one, the visitation is part of e orts to make him appreciate at rst hand, the structure and internal workings of the agencies, programmes and activities they are currently undertaking, challenges

Trade and K.T Hammond familiarization visits to sector agencies

being encountered, and how his leadership can best aid the successful implementation of their mandates.

The minister, who was accompanied by the Chief Director of the Ministry, Mr. Patrick Yaw Nimo, rst visited the Ghana Enterprises Agency, the agency responsible for implementing policies and pro-

Africa

The Ghana National Petroleum Corporation (GNPC) CEO has called for concerted action by African states for the development of an African strategy to meet the continent’s energy needs. Opoku-Ahweneeh Danquah, who is attending the 2023

Development Conference (ADC) at Harvard University, USA, explained that rather than the absence of policies, the major factor mitigating a common energy strategy in Africa is the lack of political

GNPC chief addresses challenge with Africa’s energy strategy; calls for greater synergy

AfCFTA will boost Africa’s auto industry

zambique or rubber in Cote d’Ivoire will mean the African industry as a whole becomes more dynamic.

The AfCFTA’s rules of origin will also help set common thresholds for value-added levels, and if these are progressively harmonised across regional communities, these more general and co-equal rules will help stimulate trade.

The continent’s leadership is actively working towards improving the investment environment for the automotive sector speci cally. There is signi cant political will by African governments and private sector players to develop automotive regional value chains because of the sector’s historic contribution to industrialisation.

Afreximbank, for example, and the African Association of Automotive Manufacturers are working together to support the industry by helping harmonise automotive standards, developing a focused training programme for the public and private sectors and providing nancing to industry players across the value chain, with Afreximbank committing $1 billion to the industry through direct nancing and partner-

ships. Sustainability and the global ght against climate change also stand to bene t from the new trade area. Africa could be a key region for promoting sustainable mobility by harnessing renewable energy as demand for electric vehicles and motor vehicles grows. Electric vehicles currently make up less than 1% of sales in South Africa, but demand is growing across the continent as some of Africa’s main trading partners have banned internal combustion engine vehicle sales, e ective as early as 2035. Already, there are pilot projects for sustainable vehicles in Rwanda, Egypt and South Africa, and e-mobility startups have emerged across the continent. Africa has a great wealth of the natural resources that are key raw materials for modern vehicles, and several countries have their own procurement markets for materials such as copper, platinum, cobalt, bauxite and lithium — essential materials for the suite of new technologies required to reach net-zero. There is also a huge market for motorcycles in Africa — especially in west, east and north Africa — as well as electric two-wheelers, meaning more opportunities for using domestically produced inputs in new markets by lever-

GIPC boss Yofi Grant speaks on investment, trade at a forum in S outh Africa

As part of his e orts to promote the coordination of intra Africa trade among African Investment Promotion Agencies, the CEO of Ghana Investment Promotion Centre (GIPC), Mr Yo Grant, will be participating in a round table discussion on the theme “ Building Synergies in Investment Promotion and Facilitation: The AfCFTA Protocol on Investment” at the ongoing AfCFTA Business Forum in Cape Town, South Africa.

aging AfCFTA preferences.

Case study: Volkswagen’s success German auto giant Volkswagen, already a key player on the continent, has recognised the potential of the AfCFTA to catalyse local production of automotives and meet local demand.

To date, the company has successfully established local assembly operations in Kenya, Rwanda and Ghana as well as two wholly-owned subsidiaries in Rwanda and Ghana.

The company attributes its success in Africa thus far to its collaboration with African governments in developing and implementing automotive policies in their respective countries, including South Africa, Morocco, Tunisia, Ghana, Egypt and Kenya.

Volkswagen recognises that the increase in local manufacturing requires di erent levels of investment and depends on consistent, enabling industrial policies with access to local markets — which it sees as a major bene t of the AfCFTA. The key industry trends reviewed here and the opportunities opening up as a result of the AfCFTA, coupled with Volkswagen’s experience of success, provide a powerful case for new investors to move into the automotive sector and thus help drive and transform economies across the continent..

tion with existing national and regional Investment Promotion Agencies and other relevant stakeholders.

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

The AfCFTA Business Forum organized under the patronage of the Government of the Republic of South African is intended to enable the private sector to unlock trade and investment opportunities presented by the AfCFTA in order to boost trade.

The session will take a deep-dive into the provisions in the protocol on investment related to promotion and facilitation, and their relevance to IPAs, especially within the context of the Pan-African Trade Investment Agency, established within the protocol to assist State parties in the promotion and facilitation of investments in collabora-

The forum brings together African global business executives, strategic investors, nancial institutions, investment promotion agencies, business councils, chambers of commerce, multinational corporations, Africa women and youth business organizations, as well as Heads of State and Government.

GEXIM Bank appoints Emmanuel Essilfie- Conduah as Head of Corporate Affairs

The Ghana Export-Import Bank (GEXIM) has appointed Mr. Emmanuel Essil e-Conduah as Head of Corporate A airs Department.

Mr. Essife-Conduah, until his new appointment was the Senior Manager, Communications and External Relations.

As a seasoned Communication and Marketing Specialist, Mr. Essife-Conduah joined the Bank then EDAIF in 2010 as a Manager PR & Marketing and rose through the ranks over the years until he attained the position of Senior Manager, Communications and External Relations in 2019.

He holds Master’s degrees in Public Sector Management and Development Communications.

Mr. Essife-Conduah also holds Bache-

lor’s degree in Marketing, Post Graduate Diploma in Marketing CIM UK, a Diploma in PR & Advertising.

He is also an Accredited Member of the Institute of Public Relations (IPR) and a formal Honorary Secretary for IPR.

He has 28 years of professional experience in Corporate Communications and Institutional Reform

He joined the Bank then EDAIF in 2010 as a Manager PR & Marketing and rose through the ranks over the years until he attained the position of Senior Manager Communications and External Relations in 2019. Folks join be to congratulate one of our own..

tive industry to seize, building upon strong foundations in a new era of frictionless African trade. African automotive manufacturers will bene t from all the advantages

of economies of scale; essential for the competitive manufacturing of automotives.  Reduced tari s across the continent for inputs like aluminum from Mo-

Trade and Industry Minister K.T Hammond pays familiarization visits to sector agencies

grammes to nurture and spur the growth of micro, small and medium scale enterprises.

He commended the management of the agency, especially its Chief Executive, Mrs. Kosi Yankey Ayeh, for coming up with attractive programmes such as the “Young Africa Works Programme”, “Enterprises Development Project”, YouStart”, among other programmes which have been able to attract funding from development partners such as the World Bank, among others and thus taking some nancial pressures from central government. At the Ghana Standards Authority, the minister entreated management to create a congenial and people-centered environ-

ment that will encourage sta to feel at ease in coming to work so as to be able to give o their best.

He also called on them to ensure that proper standards are put in place and enforced for Ghanaians to get value for money for products purchased, and also to enable Ghanaian companies take advantage of opportunities such as the African Continental Free Trade Area Agreement.

The minister also visited the ofces of the Ghana Free Zones Authority, the Ghana International Trade Commission (which aims at addressing unfair trade practices such as dumping, and providing appro-

priate remedies and sanctions where necessary).

His last point of call was the National Coordination O ce of the African Continental Free Trade Area that seeks to provide the needed assistance to Ghanaian companies to gain market access to African markets, especially as Ghana has invested heavily to be able to host the secretariat of the continental trading body.

Later in the day, the minister met with some companies under the government’s agship One District, One Factory programme to help provide solutions to some challenges being encountered by the speci c companies.

GNPC chief addresses challenge with Africa’s energy strategy; calls for greater synergy

will to implement a coordinated continent-wide framework.

“Indeed, an assessment of Africa’s situation will reveal that there currently exists a policy overkill, with each country holding diverse positions on how to advance the continent’s energy agenda,” he said, among other things. “As important as it is to pull each other along in the attainment of our energy goals, progress is hampered by the fact that Africa remains a huge continent with di erent countries espousing fragmented ideas on how to meet the energy needs of our respective countries,” he added.

To circumvent this challenge, Mr O-A Danquah called for greater collaborative e ort amongst di erent countries in streamlining energy blueprints, as there currently are too many moving parts with varying strategies being implemented by di erent governments and administrations.

He stated further that, while there’s the need for African countries to take the lead with clear pathways and policies, actual success will only be realized if bold actions are taken

to back them.

Elaborating further, the GNPC CEO highlighted Ghana as one of a few countries, south of the Sahara, on track to achieve full access to electricity and is also frantically harnessing its natural gas resources to power homes and industries over and above what pertains in many other African states.

Ghana can therefore be held up as an example of a country with a clearly de ned energy direction, that can be copied by others because it is yielding results.

The Vice President, Dr. Mahamudu Bawumia who was the guest speaker at the event shared his views on the broader theme of reimagining Africa’s growth on our terms.

He indicated that at the heart of this vision is the transformative power of technology.

In his view, the greatest bane to the development of Africa is our inability to solve the basic problems of the absence of a unique identity for our population, functioning property address systems, nancial inclusion, payment systems, ecient public service delivery, etc. that underpin our eco-

nomic activities.

Vice President Dr Bawumia intimated “For many years after independence we have been trying to transform our economies without data and transparent systems. Without data and systems African countries cannot participate in the fourth Industrial Revolution”.

According to the Vice President, for Africa to realize it’s full potential and set itself

apart, it is important Africans broke the shackles of an impossibility mindset and embrace the mindset of possibility.

The two-day event which ended on Sunday 16th  April 2023 was on the theme “Reimagining Africa’s Growth On Our Terms,”.

The 2023 ADC, which is in its 14th year at Harvard

University, o ers a platform for facilitating global discourse on the primary issues of Africa’s development. The conference, designed to support Africa’s expedited structural transformation, brings together in uential players to discuss and share progressive policies and practices and enhances partnerships between governments and investors in rebranding and reshaping Africa in the international development arena.

Donewell Life launches new life insurance products

Donewell Life Company Limited has unveiled three new affordable products in response to the growing needs of its customers and the current economic realities.

These ground-breaking Life Insurance products focus on the nancial well-being of Ghanaians, aimed at growing their

money by investing small and protecting individuals and families against nancial diculties associated with death or critical illness.

Speaking at the launch, the Managing Director, Eric Ato Botchway indicated that these new products will contribute to increasing insurance pene-

tration in Ghana which is currently below 2%.

Besides insurance penetration, the Managing Director explained in his speech that the a ordable nature of these products represents timely intervention by Donewell Life in providing peace of mind, a convenient way to show last

respect to our family on their demise and additional income for dependent amidst the ongoing economic hardship.”

Jonathan Sam, Head of Distribution said in the interview that the social good these products will do for Ghanaians cannot be de-emphasised and further articulated that such

unparalleled products are aimed at assisting those who are not necessarily high-income earners, but have dreams and aspirations like everyone else, to achieve future goals that require lump sum and nancial prudence.

GIPS targets passage of procurement bil

By Eugene Davis

The Ghana Institute of Procurement and Supply (GIPS) have set its sights on pushing for the passage of passage of a Procurement Practicing Bill into law.

According to o cials of GIPS, the Procurement Practicing Bill when passed will regulate the procurement practice in Ghana.

It is also tipped to be a game-changer for the procurement practice and the o ering of its sophisticated digital learning platforms to help build the right skills and capabilities of local procurement professionals.

GIPS has been part of Ghana's procurement and supply chain history for over ve decades.

According to the President of GIPS, Simon Annan, the Institute is expected to focus on key priority areas for the next three years: Ensure the passage of a Procurement Practicing Bill into law that will regulate the procurement practice in Ghana, Position and build the GIPS brand to become a profession of choice.

Others are to; Increase the GIPS membership base and provide value to its members, facilitate partnerships with academia and industry

within Ghana and beyond, and strengthening the institution through systems and structures.

The object of this noble Institute is to serve as a central organization for professionals, practitioners, and students of the Procurement and Supply Chain dedicated to promoting a high standard of integrity and accountability in the practice of the profession in Ghana.

The Institute was formed on 10th June 1981 as the Ghana Institute of Purchasing and Supply. This name was changed on the 5th May, 2014, to the Ghana Institute of Procurement and Supply to accord with the strategic vision of the Institute.

As part of its annual program, the Institute is organising an induction ceremony on April,25 2023 at British Council hall in Accra, to admit new members and confer Distinguished, Honorary, and Fellowship status on procurement and supply chain leaders who have demonstrated zeal, passion, and resolute commitment toward achieving the GIPS core mandate.

The theme is Shaping the future of procurement and supply chain through professionalisation.

Space Log: China's Shenzhou-15 crew completes fourth spacewalk

China's Shenzhou-15 mission crew members conducted their fourth extravehicular activity (EVA) on Saturday, according to the China Manned Space Agency (CMSA).

Fei Junlong and Zhang Lu, together with Deng Qingming who worked inside the space

station to support his crewmates, collaborated to pull o all set tasks. Fei and Zhang have since safely returned to the Wentian lab module.

The Shenzhou-15 crew set a new spacewalk record among Chinese astronaut crews.

During the EVA, the three astronauts completed several tasks, including the extension pumps installation and the cross-cabin cable installation and connection, making preparation for future science experiments in space.

In addition, a Long March-7A

rocket has been transported to the Wenchang Spacecraft

Launch Site in south China's Hainan Province on April 13.

The rocket will undergo assembly and test with the Tianzhou-6 cargo spacecraft, aiming for a launch in May, the CMSA said earlier.

The launch of the Tianzhou-6 will be the rst mission after China's manned space program entered a phase of application and development.

China has completed 11 EVAs in the last four manned missions since the Shenzhou-12 mission in 2021.

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 Fitz-

gerald 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 effective 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 e orts 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.

CIDAN INVESTMENTS LIMITED

WEEKLY MARKET REVIEW FOR WEEK ENDING

April 06, 2023

Book on The Future of Work launched by Baptista Sarah Gebu

A new book outlining current trends and changes regarding the future of work was recently launched at Miklin Hotel in Accra at a very impressive event.

Dr. James Rajamani, the chairman for the occasion and Group Chief Executive O cer for Kingdom Exim Group of companies said “the future of work conversation must excite everyone”, he noted this book is very timely and a powerful piece to behold by all as put together by the author – Baptista S. Gebu.

The Special Guest of honour Mr. Victor Yaw Asante, C.E.O and M.D of FBN Bank who doubles as the District Governor for Rotary International District 9102 congratulated the author for putting together such a wonderful book. He emphasized that indeed the future belongs to those who are ready and prepared for change.

He encouraged all and sundry to get copies of the book to get abreast with the information contained in the book.

Dr. Welbeck, Hon. Peter Mensah – the DCE for Techiman North, Mr. Samuel Segbe a - Founder of Trans Africa College, District Governor Nominee Designate Nana Yaa Siriboe of Morning Star School, Past Assistant Governor Fredi Asiedu, Mrs. Lucy Owusu – Darko former Deputy Country Representative of OIC International, Elder Wallace Danquah the District Elder for Tema North, Juliet Amoah the Country Director of EPL Ghana, some alumni of Methodist University, ASMMOSS, Rotarians, the business and diaspora communities as well as Civil Society Organizations were some of the dignitaries present.

The rst copy of the book was sold for GHC 10,000 which was purchased by the chairman of the occasion representing the Kingdom Exim Group of companies which is the leading West African

based quality focused Agro products exporter and supplier with its head o ce in Tema-Ghana with other branches in Nigeria, Ivory Coast, Gambia, Senegal, Tanzania, Namibia, Togo and Benin.

The author of the book said, what motivated her to put together this book was the fact that many jobs are quickly becoming obsolete and the situation will get worst with the ever-increasing presence of Articial Intelligence per research. This may lead to many losing their jobs and many more also being created for those ready for the right skill set.

Considering Ghana and by extension Africa is part of a global village and cannot be detached; it’s important to understand the up-and-coming changes and adapt as everyone needs an informed understanding on what individuals, businesses, governments and other organizations need to know about how work, the workforce and the workplace is ever-changing, and how we can prepare for those changes,

make decisions that will enable our organizations to thrive today while we prepare for the future.

The book forward was provided by notable professionals including but not limited to Dr. Stella Agyenim Boateng of VRA, Daniel Domelevo former auditor general of Ghana now with the Global Fund, Kojo Amissah –godfather of HR in Ghana, Senyo Adjabeng, Dr. Bernice Welbeck of the Ghana Labour Commission, Eng. Abir Leheta –Forbes magazine’s 100 powerful business women in the Middle East recognized in 2020 and 2023, DG Victor Yaw Asante of FNB Bank Ghana, Dr. Barada of Sri Sri University, Dr. Yousrey El-Sharkawi the Chairman of the Egyptian African Business Association, Mawuli Zogbenu of the Ghana Insurance Commission and author of the useless column among others.

Copies of the book can be acquired by contacting the author, on amazon and other portals. All request should be sent to bap.tista@out-

look.com /WhatsApp |Telegram |SMS to +243 -213 -313 / +262-213-313 or via social media @Sarahtistagh for Facebook and Instagram, @Sarahtista for Twitter and Baptista S. Gebu on LinkedIn.

The author of the Book is the Chief Executive O cer of FoReal HR Services, and also authors the future of work capsules, the Africa We Want Series with Baptista as well as the Giving Capsules. She is the District Chair for Rotary International District 9102 Vocational Training Teams, and represents Women in Rotary International in country as the Ghana Coordinator.

Baptista is the Ghana Representative for the Egyptian African Business Association. She is a Hybrid professional, a researcher, proli c writer with several publications to her credit, an in uencer, public speaker and skilled Human Resources professional with a broad generalist background. She is a member of the Society for Human Resource Management (SHRM) and a Volunteer for the SHRM Ghana Forum as well as the YALI Network.