Business24 Newspaper 07 June 23

Eugene Davis

By Eugene Davis

ACEP boss calls for review to boost investor optimism

…in oil and gas sector

By Eugene Davis

In 2014, available statistics show that, the country was expected to generate about US$1.5bn in one year, and got less than 400m barrels because oil prices had declined sharply, “so the market is so uncertain that when the opportunity comes and you are not available to take it, it could punish you, so we really have to change our ways and begin to exploit and encourage investors those who are here to send signals for those who are not here for them to come.”

The Executive Director of the Africa Centre for Energy Policy (ACEP), Ben Boakye has asked government to sanitize its policies and decisions in the oil and gas sector in order give con dence to the existing investors in the country as well as court prospective ones.

ACEP, a think tank which was set up to contribute to development of alternative and innovative policy interventions through high quality research, analysis and advocacy in the energy and extractives sector in Africa, believes more has to be done if the country is to optimize its potential from the oil and gas sector.

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Speaking with Business24/Investment Times on the margins of a training workshop for members of the Parliamentary Press Corps on ‘Breaking the Cycle of IMF Support: Addressing Governance Ine ciencies and Driv-

ers of Public Debt in Ghana’, he said “We have oil blocks that are not being explored, nobody is sanctioning anybody and companies are sitting on the blocks and not working. Companies that are serious and wants to exploit our resources, they are being frustrated by government policy and decisions.

Meanwhile, government has been touring the world with the hope of enticing prospective investors but, “how can you frustrate those who are here and hope that someone else will come and that is what the policy failure has crystalised into, we are not getting investment to be able to increase oil production and take advantage of the windfall that is coming, if we are not lucky and the oil prices drop signi cantly then our revenue sources will crush, so it is critical for us; can you imagine losing US$500m from our oil receipts.” Mr. Boakye lamented.

Ghana has signed eighteen petroleum agreements with various international and local oil companies since the early 2000s. Moreover, no new Petroleum Agreement (PA) was signed or rati ed by parliament as of the end of December 2022. The total number of existing Petroleum Agreements remains at 14.

According to the Public Interest and Accountability Committee (PIAC), total production from Ghana’s three elds peaked in 2019 at an annual output of 71,439 barrels before commencing a decline to 66.9million barrels in 2020. Crude oil production further dropped to 55 million barrels in 2021 and then to 51.7 million barrels in 2022, representing 17.75 percent and 5.98 percent respectively.

However, the Committee in its report on the assessment of 10 years of petroleum revenue management in Ghana maintained that production will continuously decline if nothing is done through new in- ll developments on these existing elds or new elds coming on-stream.

Absa Bank engages clients on economy

mitment to clients, Absa Bank recently hosted a dynamic breakfast meeting with its corporate and institutional clients, o ering invaluable insights into navigating the current economic landscape in Ghana.

The session, which focused on the implications of the government's latest IMF deal, touted

and sustainable solutions to empower businesses in the country.

Drawn from diverse sectors of the economy, the clients engaged in a candid discussion on crucial business prospects for the upcoming months. Other topics discussed, included in ation and exchange rates to market con dence for both

Ellen Ohene-Afoakwa, Managing Principal, in charge of Corporate and Investment Banking at Absa, said "We are dedicated to empowering our clients to achieve limitless possibilities. We go beyond nancial services, keeping them informed and equipped with strategies for long-term sustainability."

Executive Director of Finance, Munatsi Mkushi, and Markets Director, Jake Brobbey, encouraged clients to embrace creativity, innovation, and adaptability to overcome prevailing challenges. They also gave assurances that the bank is resilient, liquid and well capitalised to support clients in weathering the storms.

Green Diversity Foundation brings top companies together to fight plastic pollution

Top rms in Ghana’s oil and gas sector are uniting to ght plastic pollution, one of the largest global environmental hazards of today.

Downstream and upstream industry players like Tullow Oil, MODEC, Eni and Rigworld Solutions among others joined hands to clean beaches in Accra to help rid them of plastic as part of a larger campaign to ensure that the country is aware of the threat that plastics pose to its survival and that concrete steps are taken to tackle them head on.

Green Diversity Foundation, a Non-Governmental Organisation which has been campaigning on the dangers of single-use plastics since its formation in 2017 is the organisation that is facilitating the activities of the companies involved in this advocacy.

To mark world environment day 2023, the organisations came together to organise a clean-up at the La Beach, one of the largest and most popular beaches in Ghana’s capital.

“We know that in unity lies strength and in the unity of these major companies, we hope to mobilize the needed resources and to tackle the plastic menace head-on. The problem is that if we do not do anything about the rate at which plastics are increasing in volumes, we would su er the bigger coast soon,” said Hobson Agyapong who is Founder of Green Diversity Foundation.

This year’s world environment day is being marked

around the theme “Solutions to plastic pollution” with a reminder that people’s actions on plastic pollution matters. The theme seeks to also remind all stakeholders of the important steps governments and businesses can take in tackling plastic pollution.

“It is time to accelerate this action and transition to a circular economy. It is time to work in beating plastic pollution,” said Sandra Kyereh, Chief Executive O cer at Green Diversity.

For over two hours, the companies mobilized their sta and business associates- numbering over 500- cleaned up more than a 200-meter stretch of beach area, gathering a heavy volume of rubbers, used plastic bottles and other waste materials that otherwise would be swept into the ocean.

“What we have done here is only a tip of the ice-berg. It is a small part of what we all need to do. This planet is all that we have and it in our own interest that we stop plastics from

destroying where we live and that is why we are putting ourselves together to do this,” said Antonio Pasquale, HSEQ Manager for Eni, speaking on behalf of some of the organisations involved in the project.

In Ghana, plastics litter large swathes of the ve-hundred-kilometre coastline and impacts marine spaces. Estimates for Ghana's contribution to global marine debris range from approximately 92,000 to 260,000 metric tons every year, or one to three percent of the global total.

Portal opened for PWD Enterprises Support Programme

Government is targeting 150 Persons with Disabilities (PWDs) enterprises to sign up to the application portal which has been opened to enable businesses tap into the PWD Enterprises Support Pro gramme.

The PWD Enterprises Support Programme is a Technical Assistance and grant funding initiative exclusively designed to support enterprises owned by Persons with Disabilities (PWDs). Under this initiative, some 150 PWD enterprises will be supported with about GHS12 million in Technical Assistance and grants.

An application portal which opened from June 6 this year until the end of next month is meant to enable businesses to

Economic Transformation Project (GETP).

According to the Chief Executive O cer of GEA, Kosi Yankey-Ayeh, government was not oblivious of the various challenges faced by PWD-owned enterprises.

The proposed special window is expected to promote the welfare of the enterprises owned by PWDs through business and nancial management training and grant funding.

owned by PWDs.

Speaking at the launch of the programme in Accra on Monday, Mrs. Yankey-Ayeh said “Here at GEA, we observed a trend where PWD rms have been underrepresented in the various technical assistance and grant programmes because the qualifying criteria seemed rather too high to e ectively compete with non-PWD enterprises.

“Under the rst phase of the COVID-19 Response Grant Programme implemented in 2021, only three PWD enterprises

the country was a positive development that would help promote a more inclusive and diverse society.

The programme is earmarking PWD enterprises in agriculture/agro-processing, construction, education, food and beverages, health care or pharmaceuticals, textiles and garments, manufacturing, information technology, tourism and hospitality.

Support for businesses

Launching the programme in Accra yesterday, a Deputy Minister of Trade and Industry, Dr Stephen Amoah, said the government was committed to supporting all businesses in the country to ensure inclusive growth.

He said supporting PWDs in Ghana was essential for upholding quality inclusivity and fostering economic empowerment.

“It is important to note that interventions and programmes of such nature align with the government’s goals of providing training, capacity developing, funding, access to market and technology to enable them to scale up their businesses and transition into the next stage of growth, thereby improving their ability to increase sales and exports,” he said.

He said the government in

2021 transformed the National Board for Small Scale Industries (NBSSI) into a bigger rm called GEA to e ciently manage micro, small and medium enterprises (MSMEs) in the country.

He said in line with that, a national MSMEs policy was designed to stimulate the growth of the sector to produce quality products and services capable of competing locally and internationally.

The Minister for Gender, Children and Social Protection, Lariba Zuweira Abudu, noted that despite the progress made in recent years, PWDs still faced signi cant challenges in society.

She said PWDs often struggled to access basic social amenities that most people took for granted and were frequently excluded from social, cultural and economic activities.

However, she said it was important to recognise that PWDs were an integral part of the community and had much to contribute to the economic development of this great nation.

“PWDs possess unique skills, talents and perspectives that can enrich our society and help us to build a more inclusive and equitable society and future.

“As a nation, we must work together to ensure that persons with disabilities have equal access to opportunities and resources,” he said.

He said that included providing accessible infrastructure, promoting inclusive education and creating employment opportunities that were tailored to their needs.

Driver of economic growth

The Country Director of the World Bank, Pierre Frank Laporte, indicated that the bank believed that MSMEs were a key driver of economic growth in the country, contributing to job creation and socio-economic inclusion.

He said it was important to support enterprises led by PWDs and ensure they could grow and provide opportunities for more people.

Commendation

The Executive Director of the Ghana Blind Union, Peter Obeng-Asamoa, commended the government, GEA and support agencies for the introduction of the PWD Enterprise Support Programme.

“We have been waiting for this kind of initiative for a long time to support us to grow our

Parliament hits ground running back

… returns from recess, set to consider 69 bills, 125 papers, others

Harm Reduction Alliance, Ghana joins harm reductionists across the World to celebrate World Vape Day on 30th May 2023. The occasion which precedes the celebration of World No Tobacco Day highlights the bene cial e ects of reduced-risk products in tobacco control.

According to the Global State of Tobacco Harm Reduction Report, there are 5.012 deaths yearly attributable to tobacco smoking with approximately 644,429 current smokers in Ghana. This fact was reiterated by the Minister

By Eugene Davis

of Health, Dr Kwaku AgyemanManu during the launching of the World Health Organization (WHO) Framework Convention for Tobacco Control (FCTC) 2030 project in Accra recently.

The Minister further stated that tobacco smoking is prevalent among young people and Ghana was faced with a dual burden of disease with the upsurge of non-communicable diseases such as hypertension, diabetes and a wide array of cancers and the project was timely for the eradication of emerging tobacco control challenges.

This was contained in a press statement signed by Mr. Samuel C.D. Hanu of Harm Reduction Alliance, Ghana.

The statement attributing the minister of health added that, though Ghana had made signicant progress in tobacco control with the inclusion of tobacco-speci c provisions in the Public Health Act, 2012, the passage of the tobacco control regulations in 2016 (L.I.2247) and the introduction of graphic health warnings, Ghana still has a long way to go in the pursuit of

attaining a tobacco-free country. Fortunately, Ghana need not re-invent the wheel. Good examples abound and Ghana can learn, for instance, the success story of Sweden.

The European Union (EU) in 2021 targeted the year 2040 for Member States to be ‘Tobacco-free’. This is de ned to be a smoking rate below six (6) percent. Two years on, Sweden is on course to achieve a ‘tobacco-free’ society 17 years ahead of the 2040 deadline. Sweden's health authorities had implemented a tobacco control policy for the past 50 years where the traditional tobacco control measures recommended by the EU run alongside an openness to alternative reduced-risk products. Sweden had achieved this remarkable feat of reducing the smoking rate by a whopping 80 percent despite a 30 percent spurt in population growth.

The Swedes began the journey to a smoke-free society with the introduction of snus, a smokeless oral tobacco product usually held in the mouth between the lips and gums which brought the smoking rate down by 55 percent.

Furthermore, policymakers in

the country had embraced a new generation of alternative risk nicotine products such as vaping and nicotine pouches which had facilitated a further decline in smoking rates, especially among the female population.

The e ects of these tobacco harm reduction e orts had led Sweden to save more than 3,400 lives yearly. It is projected that; the EU could save about 2.84 million lives should they follow Sweden's example. Furthermore, compared to the rest of the EU, Sweden has 44% fewer tobacco-related deaths, 41 percent lung cancer rates and 38 percent fewer cancer-related

deaths.

Ghana can adopt and localise the Sweden example by embracing tobacco harm reduction (THR) interventions such as friendlier approaches in regulating reduced-risk products i.e., heated tobacco, nicotine pouches and vapes.

This could be implemented alongside the traditional tobacco control measures and education making the country safer for all and attractive to investors.

Tobacco Harm Reduction just like harm reduction in general works on the principle that there are public health interventions

which are less costly but e ective in achieving health targets and Ghana as a country must not be oblivious to the bene ts of reduced-risk products.

On World vape day, Harm Reduction Alliance, Ghana would want to be associated with the comments made by the Finance Minister of Sweden in April 2022 – Mikael Damberg –“Tobacco and nicotine taxes are […] structured today so that products are generally taxed based on risk. […] Products that are judged to be more harmful to health have a higher tax.”

On this note, Harm Reduction

Alliance, Ghana would like to urge policymakers in Ghana to follow the science and not to be persuaded to make policies based on morality and ideologies. By following the example of Sweden, Ghana could save lives, improve public health outcomes, and alleviate the burden on healthcare resources.

Through education and regulation of traditional tobacco and the provision of safer alternatives, Ghana can empower its citizens and other people living in Ghana to make informed choices and transition from traditional combustible tobacco products.

Tech Entrepreneurship Forum Month to connect students, graduates with industry experts

The Institute of ICT Professionals Ghana (IIPGH), in partnership with AFOS Foundation for Entrepreneurial Development Cooperation and other partners, has earmarked June as Tech Entrepreneurship Forum (TEF) Month.

This month-long event aims to strengthen the cooperation between industry and academia to promote tech entrepreneurship under the theme; ‘Fostering Stronger Collaboration Between Industry and Academia to Promote Tech Entrepreneurship’. TEF Month is designed to facilitate knowledge sharing and connection between students, graduates, faculty, and technical advisors in skills development with industry experts in technology.

By bridging the gap between academia and industry, participants from academia, such as the University of Cape Coast (UCC) and Accra Technical University (ATU), will gain rst-hand insights into the operations of businesses, while industry experts will have the opportunity to share their operational and research challenges with academia.

An exceptional highlight of this event is the participation of DigiCAP Junior Consultants (JCs) who

will demonstrate their expertise in data analytics and business intelligence. These JCs, carefully chosen from the bene ciaries of the DigiCAP project, will have the opportunity to engage with industry experts and showcase how their skills can enhance business e cacy and pro tability.

Kicking o on Monday, June 5, TEF Month will commence with a virtual open day featuring information technology (IT) companies from Germany, providing participants with the chance to engage and learn from international industry experts.

On June 6 a virtual open day featuring information technology (IT) companies from Ghana will take their turn to provide participants with the chance to engage and learn from local industry experts.

Then on June 14, there shall be another virtual engagement tagged ‘Time with Junior Consultants (JCs)’ that seeks to comprehensively introduce the JC programme to industry and how businesses can bene t from their expertise.

Tech Entrepreneurship Forum

(TEF) Month will also include the Industry-Academia Tech Dialogue

(INDAC-TED). This session seeks to facilitate healthy dialogues between academia and industry to bridge the skills gap and enhance the training of skilled human resources in the IT sector. It comes o on June 15 at the University of Ghana, Legon. Then the main highlight of the month, the Tech Entrepreneurs Forum (TEF), initiated by IIPGH, will provide a networking platform and workshop for corporate organizations, SMEs, independent consultants, and startups to showcase their products and services. TEF will take place on June 21 at the Holiday Inn, Accra. The month then ends with the DigiCAP Business Breakfast Meeting on June 28. It shall serve as an evaluation and wrap up of the entire Tech Entrepreneurship Month (TEF). This comes o at the IIPGH o ce in Accra.

David Gowu, Executive Director of IIPGH, commented on the rationale behind the event, saying, “Encouraging closer cooperation between industry and academia is crucial in advancing the eld of tech entrepreneurship. By merging the knowledge and resources of academic institutions with the practical experience and resources of industries, we can establish a nurturing environment for tech entrepreneurs. This partnership can manifest in di erent ways, such as collaborative research initiatives, internships, mentorship programmes, and agreements for the transfer of technology. With the introduction of Tech Entrepreneurship Forum (TEF) Month, our objective is to expedite these alliances and cultivate a dynamic tech ecosystem that advances innovation and entrepreneurial endeavours."

Hanna Schlingmann, Project Manager at AFOS Foundation, shared her expectations for the event, stating, "Tech Entrepreneurship Forum (TEF) Month presents a valuable platform for students, graduates, and technical advisors to engage with industry professionals and acquire valuable knowledge. We are con dent that this event will enable the exploration of sustainable employment prospects in emerging technology domains and empower young individuals to thrive as accomplished tech entrepreneurs."

The events scheduled during Tech Entrepreneurship Forum (TEF) Month will be delivered through a combination of virtual and hybrid modes to accommodate participants from various locations. Physical events will be organized in Accra, Ghana, while virtual platforms such as Zoom, Facebook, and YouTube will provide online connectivity for remote participants.

TEF Month will bring together experts and businesses from diverse industries that generate and process data. It also welcomes freelancers, DigiCap students/Junior Consultants, digital skills technical advisors from academia, IT hubs/parks, business process outsourcing (BPO) service providers, and remote IT services to join the conversations on opportunities in data analytics and business intelligence for technology entrepreneurs, businesses, and graduates.

By promoting cooperation between industry and academia, Tech Entrepreneurship Month strives to create a supportive environment for tech entrepreneurs, where academia's research capabilities and the industry's market expertise.

CIDAN INVESTMENTS LIMITED

WEEKLY MARKET REVIEW FOR WEEK ENDING June 2, 2023

CIDAN INVESTMENTS LIMITED

WEEKLY MARKET REVIEW FOR WEEK ENDING

June 2, 2023

CIDAN INVESTMENTS LIMITED

WEEKLY MARKET REVIEW FOR WEEK ENDING

June 2, 2023

CIDAN INVESTMENTS LIMITED

WEEKLY MARKET REVIEW FOR WEEK ENDING

June 2, 2023

10 years of Samsung Knox security and vision for a safer future

nected world.

Knox Matrix manages all this within a private blockchain, allowing compatible devices to check each other for breaches and ensure safety with intelligent threat monitoring. With these steps in place and more features to be introduced, users will be able to enjoy multiple connected devices safely and conveniently.

The Path to the Next Frontier: Stronger Together

ry of enabling di erent kinds of devices to work seamlessly together through SmartThings. In line with the company’s philosophy of open collaboration, Samsung has also been working closely with the most trusted industry partners and the wider security community to de ne and expand security standards, by better identifying aws before they become problematic.

Samsung Electronics’ Samsung Knox security platform is 10 years old! Named after one of the most heavily guarded places, it was rst introduced at Mobile World Congress (MWC) in 2013.

That is a decade of cutting-edge mobile protection for users around the world, during which Samsung Knox evolved into a holistic security platform synonymous with safeguarding billions of consumers and businesses. And now, Samsung is addressing the next frontier of device security with Knox Matrix.

Bringing Security to an Increasingly Connected World Knox Matrix is Samsung’s vision for a future where devices connected in an ecosystem can protect each other – as well as their users. It is a comprehensive approach to security, which will become increasingly essential as more devices and aspects of our lives become connected. Many users around the world already own an array of connected devices, from mobile devices and TVs to refrigerators and robot vacuum cleaners. The presence of over 14 billion connected devices on the market demonstrates the vastness of this landscape, which shows no signs of shrinking.

Samsung is aware that despite the bene ts, increased connectivity

EDITOR: BENSON AFFUL editor@business24

has the potential to lead to more exploitations. Traditional security infrastructure that protects single devices will be unable to keep up, as one compromised device stands the chance of impacting others within the same ecosystem. Knox Matrix will address this challenge through a revolutionary concept that paves the way for multi-device security for mobile phones, TVs, home appliances, and more.

Samsung devices that are empowered with Knox Matrix work to protect one another in a trusted network. If one element is compromised, Knox Matrix will isolate it from the ecosystem in order to protect the others. Having Knox Matrix supported across devices can e ectively turn a smart home into a smart shield – the more devices a user has connected, the stronger their overall security.

There are currently three critical features of Knox Matrix that ensure its success. Trust Chain has devices monitoring each other for threats. Credential Sync secures user information as data is moved between devices; and Cross Platform SDK will enable devices on various operating systems and platforms (including but not limited to Android, Tizen and Windows) to join Knox Matrix with consistent security standards. This way, we can keep devices safe even in a hyper-con-

Creating the foundations for the next era of device security requires careful consideration. Knox Matrix’s development is going strong, but there are challenges on the way to the next frontier. These include reconciling the many di erent types of products, with varying operating systems and security standards, into a frictionless system able to work as one.

As devices become more connected, Samsung must also ensure they are not more complicated to use. With Knox Matrix, we are working to o er users transparency and choice along with protection. Users should be safe in the knowledge that they can make informed decisions about their devices, so they can be protected without hassle. We anticipate that Knox Matrix will alert users of potentially unsafe situations, such as the use of old rmware, o ering suggestions for any next steps. The power of Knox Matrix to protect connected ecosystems will be demonstrated in phases, starting with Samsung Galaxy products, such as smartphones and tablets. Knox Matrix-compatible models will be available from 2024, initially with the three core features mentioned above and more expected to follow via updates. This will expand to cover Samsung’s home appliance devices within the next two to three years, followed by partner devices. Development is already underway for partner device compatibility.

A Trusted Record of Secure Innovations Samsung already has a long histo-

PUBLISHED BY BUSINESS24 LTD.

More eyes, more heads, better solutions. This background serves as a key foundation for all Samsung Galaxy devices, along with end-to-end protection and real-time threat detection that is built into every single layer of its products.

Knox Matrix is just the latest development in the innovative history of Samsung Knox security. Samsung most recently introduced Knox Vault, a key security solution that isolates users’ most sensitive data to ensure it never falls into the wrong hands.

Previous evolutions included TrustZone, which provided a secure environment within the main operating system to run sensitive applications and processes separately from regular software. As such, work and play could coexist securely on the same device. Samsung Knox also evolved into Knox Suite in order to help businesses and key institutions around the world e ciently secure, deploy and manage their eet of devices with customisable, easy-to-manage software and end-to-end security.

Samsung can proudly say that Knox is one of the most trusted security platforms - thanks to its defense-grade security. We are con dent Samsung Knox is best placed to provide one of the best device security systems. Connected technology will help us create better lives and better experiences — and more connectivity does not necessarily have to mean more risk. With Samsung Knox, Samsung is setting the foundation for a safer tomorrow to be stronger together.